Tinubunomics Fuels Record-Breaking Stock Market Rally Best Since 1999
Nigeria’s stock market is experiencing an unprecedented boom under the administration of President Bola Ahmed Tinubu, marking the most robust performance since the country’s return to democracy in 1999. Popularly dubbed “Tinubunomics,” the economic reforms and liberal policies implemented since May 2023 have propelled investor confidence and triggered a historic rally on the Nigerian Exchange (NGX).
In just two years, the NGX All-Share Index surged by approximately 111.24%, outperforming the market gains seen under any of Tinubu’s predecessors, including Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. On the day of Tinubu’s inauguration alone—May 29, 2023—the market recorded an immediate spike of over 5%, signaling optimism over his proposed economic agenda.
Central to this market resurgence has been the administration’s bold fiscal and monetary reforms. These include the removal of costly fuel subsidies, the unification of Nigeria’s multiple exchange rates, and the relaxation of foreign exchange controls.
These actions, though initially controversial, were applauded by both local and international investors who had long decried Nigeria’s opaque and heavily regulated market structure.
The result has been a meteoric rise in stock valuations, with the NGX All-Share Index climbing from around 55,700 points at the start of Tinubu’s term to over 111,000 points by mid-2025. Market capitalization has also soared, doubling to more than ₦68 trillion.
Turnover levels have reached a 10-year high, driven by increased participation from institutional investors, pension funds, and retail traders.
Analysts credit Tinubu’s pro-market posture for reinvigorating investor appetite and positioning Nigeria as one of the most attractive frontier markets globally.
During key periods in 2023 and 2024, the Nigerian bourse even outperformed global benchmarks such as the MSCI Emerging Markets Index, reflecting renewed international interest in Nigerian equities.
Beyond the stock exchange, the broader economy is beginning to show signs of recovery, although challenges such as inflation, foreign exchange volatility, and subsidy-related hardship persist. Nonetheless, the capital market’s performance under Tinubu remains a standout achievement, reinforcing his administration’s claim that Nigeria is on a path toward sustainable economic revitalization.
As the country looks ahead to the remainder of Tinubu’s tenure, market watchers remain cautiously optimistic. Many agree that sustaining the current momentum will require consistency in policy, improvements in infrastructure, and further strengthening of regulatory frameworks to protect investor confidence in the long term.
