The return to civilian rule in 1999 boosted the growth of the Nigerian stock market as its capitalisation soared by N13.473 trillion during the last 15 years of democracy, THISDAY checks have revealed.
After years of military rule, Nigerian transited to civilian government on May 29, 1999, when Olusegun Obasanjo assumed office as a civilian president. And by May 29, last week, the country has witnessed 15 years of uninterrupted democracy.
THISDAY checks on the performance of the stock market during these 15 years showed that the market soar by 6,068 per cent or N13.473 trillion from N222 billion on May 1999 to N13.695 trillion May 30, 2014.
Similarly, the Nigerian Stock Exchange (NSE) All-Share Index rose from 4,919.51 in 1999 to close at 41,474.40 last week, showing a growth of 743 per cent.
Market operators said the entrenchment of democracy brought stability in formulation of economic policies that attracted many companies and investments to the stock market.
They also added that the innovations brought by the current management led by Oscar Onyema, who took over in 2011 have made the market more attractive to companies and investors.
Within three years of Onyema’s assumption of office, the Nigerian equities appreciated by N4.531 trillion. Onyema assumed office in April 2011 and by April 2014, the market grew by N4.531 trillion, while the NSE All-Share Index grew by about 57 per cent.