The Nigerian Stock Exchange has witnessed extraordinary gains since President Bola Tinubu took office, with the All-Share Index nearly tripling in just over two years, according to the Tinubu Media Support Group (TMSG).
In a statement issued on Wednesday, the group credited the surge to sweeping economic reforms aimed at restoring investor confidence. “The ASI rose from 52,973.88 points and ₦28.8 trillion in market capitalisation in May 2023 to 140,295.50 points and over ₦90 trillion by August 2025,” said TMSG officials Emeka Nwankpa and Dapo Okubanjo.
They noted that reforms—including fuel subsidy removal, foreign exchange harmonisation, and energy sector restructuring—had unlocked new investment flows, while recent legislation, such as the Nigerian Insurance Industry Reform Act 2025, provided fresh momentum.
The group also cited comments by Nigerian Exchange Group Chairman Umaru Kwairanga, who said Tinubu’s policies had “tripled the volumes and value of transactions within two years.”
TMSG expressed optimism that forthcoming initiatives, including the listing of Nigerian National Petroleum Company Limited (NNPCL) and the rollout of new tax laws, would sustain the rally.
“The unprecedented rise in the capital market is clear evidence that Nigeria is ready for large-scale investment,” the statement said. “This trajectory will help fast-track the President’s ambition of building a $1 trillion economy by 2030.”
