The Tinubu Media Support Group (TMSG) has attributed the ongoing boom in Nigeria’s capital market to President Bola Tinubu’s economic reforms.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the Nigerian Stock Exchange (NSE) had experienced unprecedented growth over the past 27 months, spurred by pro-business policies that boosted investor confidence.
*“The All-Share Index (ASI) of the Nigerian Stock Exchange has surged nearly threefold since the Tinubu administration assumed office.
*“Available data shows that as of the close of trading on Friday, May 26, 2023, the ASI stood at 52,973.88 points, while market capitalisation was N28.845 trillion.
“By Friday, August 30, 2025, the ASI had risen to 140,295.50 points, with market capitalisation reaching the N90 trillion mark,” the group said.
TMSG described the growth as a “quantum leap in stock market activities,” noting that many analysts considered it unprecedented given the backdrop of ongoing reforms.
The group also cited the Chairman of the Nigerian Exchange Group, Mr Umaru Kwairanga, who recently acknowledged the impact of government policies on market performance.
He noted that Tinubu’s reforms had led to “the tripling of volumes and value of transactions in the capital market within two years.”
Nwankpa said TMSG shared this assessment, attributing the surge in investor confidence to the administration’s consistent pro-business stance.
According to the group, reforms in the energy and financial sectors have been particularly impactful.
*“It is a statement of fact that fuel subsidy removals, the harmonisation of the foreign exchange windows, and oil sector reforms have together attracted new investments into the country.
“We must also highlight the fresh momentum injected into the market by the recent presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025,” it stated.
The Act repeals and consolidates outdated insurance laws into a single framework, providing clarity and confidence for investors and stakeholders.
TMSG expressed optimism that the market would sustain its momentum amid new legislative and policy-driven initiatives.
*“There is also the Investment & Securities Act (ISA) 2025, which some private sector stakeholders have described as one of the most comprehensive capital market laws globally.
“Furthermore, we expect that the listing of the Nigerian National Petroleum Company Limited (NNPCL) and the implementation of new tax laws will give an additional boost to the Nigerian Stock Exchange in the months ahead,” it added.
The group maintained that the record-breaking surge in the capital market was proof that Nigeria was ready for large-scale investment under Tinubu’s leadership.
“In our view, all of these combined will help fast-track President Tinubu’s ambition of achieving a 1 trillion dollars economy by 2030, or even earlier,” it said.
(NAN)