President Bola Ahmed Tinubu’s economic reforms have driven the Nigerian stock market to historic heights, with market capitalisation surging over 300 per cent since he assumed office on May 29, 2023, according to presidential spokesman Bayo Onanuga.
Onanuga, in a post on his X handle on Tuesday, noted that the Nigerian Exchange’s benchmark All-Share Index (NGX-ASI) closed at 146,055.89 points, bringing year-to-date returns to 41.90 per cent. Market capitalisation also climbed to ₦92.40 trillion, up from ₦28.845 trillion at the start of Tinubu’s tenure and ₦92.33 trillion in the prior trading session.
The presidential aide attributed the rally to far-reaching policy reforms that have revitalised investor confidence, attracting both local and foreign capital. Major listed companies — including Nestle, Presco, Okomu Oil, Dangote Cement, BUA Cement, BUA Foods, MTN, Guinness, WAPCO, Nigerian Breweries, NAHCO, GTB, First Holdco, Zenith, Stanbic, UBA, Wema, and Fidelity Bank have posted substantial gains in market valuation.
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Onanuga stressed that while political critics may downplay the achievement, the data reflects “a new era of prosperity and opportunity” for Nigerian shareholders.
He maintained that the unprecedented growth in market value under Tinubu’s leadership signals robust economic recovery and the promise of long-term wealth creation.