My Economic Reforms Buoying Stock Market Surge, Boasts Tinubu

The Presidency on Tuesday credited President Bola Ahmed Tinubu’s economic reforms for the Nigerian stock market’s historic rally, describing the surge as a vote of confidence from investors. Data from the Nigerian Exchange (NGX) show that the All-Share Index (ASI), which was 52,973.88 points when Tinubu assumed office on May 29, 2023, climbed to 146,055.89 points as of August 12, 2025. Market capitalization rose from ₦28.85 trillion to ₦92.40 trillion over the same period, representing a year-to-date gain of 41.90% and an overall increase of nearly 300% in just over two years. The Presidency said the rally reflects the impact of “bold and far-reaching reforms,” including the removal of the fuel subsidy, unification of the foreign exchange market, and tighter monetary policy. These measures, officials said, have stabilized the naira, narrowed the currency premium, and attracted renewed foreign investment. Major companies such as Dangote Cement, MTN Nigeria, Nestlé Nigeria, Zenith Bank, and GTBank have recorded significant valuation gains, helping to push the market to record highs. Analysts note that improved yields in Nigeria’s fixed-income market—ranging between 20% and 25%—and the more stable currency have boosted foreign investor participation. However, they caution that the rally’s benefits have yet to translate into relief for households grappling with high inflation and rising living costs. According to a Legit.ng review of historical data, no other administration in Nigeria’s Fourth Republic has delivered such stock market growth within its first two years in office.