The federal government says the Nigerian stock market is experiencing an unprecedented boom, with key indicators showing remarkable growth since President Bola Ahmed Tinubu assumed office on May 29, 2023.
The Nigerian Exchange (NGX) has seen its All-Share Index (ASI) and market capitalisation more than triple, reflecting investor confidence and the impact of sweeping economic reforms.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, at the time of President Tinubu’s inauguration, the NGX All-Share Index stood at 52,973.88 points, with a market capitalisation of N28.845 trillion.
Fast forward to Tuesday, August 12, 2025, the benchmark index has surged to 146,055.89 points, representing a year-to-date return of 41.90%. Market capitalisation has climbed to N92.40 trillion, up from N92.33 trillion in the previous trading session.
“Compared to the market position in 2023, there has been an increase of over 300% in market capitalisation during the Tinubu era,” said Bayo Onanuga, Special Adviser to the President on Information and Strategy.
Corporate Gains and Investor Confidence
The rally has been broad-based, with major listed companies posting significant gains in valuation. Among the top performers are Nestle Nigeria, Presco, Okomu Oil, Dangote Cement, BUA Cement, BUA Foods, MTN Nigeria, Guinness Nigeria, Lafarge Africa (WAPCO), Nigerian Breweries, NAHCO, and leading banks such as GTBank, Zenith Bank, UBA, Stanbic IBTC, Wema Bank, Fidelity Bank, and First Bank Holdings.
Both local and foreign investors have benefited from the bullish market, which analysts attribute to the Tinubu administration’s pro-market policies, including foreign exchange liberalization, fiscal reforms, and renewed investor engagement.
“The truth is that under President Tinubu’s leadership, the Nigerian stock market is thriving, heralding a new era of prosperity and opportunity for all Nigerian stockholders,” Onanuga added.
Reform-Driven Growth
The market’s performance is widely seen as a reflection of broader economic reforms aimed at revitalizing Nigeria’s financial ecosystem. These include efforts to stabilize the naira, attract foreign direct investment, and improve regulatory transparency.
The administration’s commitment to infrastructure development and private sector engagement has also played a role in boosting investor sentiment, Onanuga said.
Despite political criticism from some quarters, the data points to a robust and expanding capital market, positioning Nigeria as one of the most attractive investment destinations in Africa.
Outlook and Implications
Market analysts suggest that if current trends continue, the NGX could see further gains, especially with increased listings, improved corporate earnings, and sustained macroeconomic stability.
The performance of the stock market is now being viewed not just as a financial indicator, but as a barometer of Nigeria’s economic recovery and growth trajectory.
LMAO…
Over 90% of the foreign money pouring into the NGX is “hot” money – ie, foreign PORTFOLIO investment – taking advantage of ridiculously cheap stocks off the back of a devastating (substantive) DEVALUATION of the local currency. It therefore cannot be logically be said to be a “reflection” of the administration’s so-called policy (which appears to consist primarily of the president’s globetrotting) to attract FDI.
Meanwhile, in dollar terms, market capitalization is actually LESS than when the administration assumed office. SMH
Politics aside, what I can say about the unusual upsurge at the NGX is expected base on the projected activities advanced by the CBN and the Presidency. I am very optimistic about the long-range fortune that will follow with this dynamic economic change that will surprise the whole world. The trend is slow but very dynamic and optimistic. Kudos must be given to Olayemi Cardoso the Governor of the CBN along with his counter part Wale Edun, the Minister of Finance. I have been watching what was on going with keen interest since the assumption of office of President Bola Tinubu. I was earlier worried about the hopelessness of the condition of the country’s economics structures after Buhari’s administration. So far, so good is my personal judgment and assessment of what is on the scale right now. Nigeria is yet to see much improvements with the economy as much improvement is expected from the overall standard of living of the average Nigerians. Soon, the Naira will stabilize and the anticipated improvement of crop productions will enhance the standard of living of the average Nigerians. My brotherly advice to PBAT is for him to remain focus on his projected plan for Nigeria. The opposition would like to distract his attention. He should ignore them and concentrate very strongly on his plan along with his teams of experts. The international communities are monitoring the progress and they are enthusiastic about what is on the ground right now in the country. I am one of the few Nigerians who believe in fervent prayers and supplications. I uphold the belief that sooner or later, Nigeria will lead Africa to the promise land. PBAT has already begun the matching ground for this optimism. His extended tenure for the second term is almost guaranteed. The Nigerian populace are aware of the improvement to the economy and will give complete supports for his endeavors.