The Tinubu Media Support Group, TMSG, says President Bola Tinubu’s economic reforms are responsible for the ongoing boom in Nigeria’s capital market.
According to TMSG, the Nigerian Stock Exchange, NSE, has experienced an unprecedented surge over the past 27 months, driven by pro-business policies that had boosted investor confidence.
In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG highlighted significant gains in the All-Share Index since May 2023.
“The All-Share Index, of the Nigerian Stock Exchange has surged nearly threefold since the Tinubu administration assumed office.
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“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.”
TMSG described this as a “quantum leap in stock market activities,” adding that many analysts agree it is unprecedented, particularly given the backdrop of ongoing economic reforms.
The group also cited comments by the Chairman of the Nigerian Exchange Group, Mr Umaru Kwairanga, who recently acknowledged the impact of the administration’s policies on market performance.
He stated that Tinubu’s reforms had led to “the tripling of volumes and value of transactions in the capital market within two years.”
Nwankpa noted that TMSG shared the assessment, attributing the growing investor confidence to the government’s consistent pro-business stance.
The group outlined key policy decisions that had positively impacted capital market activity, particularly in the energy and financial sectors.
“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,” the statement said.
The Act repeals and consolidates outdated insurance laws into a unified framework, providing greater clarity and confidence for investors and stakeholders in the sector.
TMSG expressed optimism that the capital market would maintain its growth trajectory amid upcoming 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,” the group added.
TMSG said the unprecedented surge in the capital market was clear proof that Nigeria was ready for large-scale investment under President Tinubu’s leadership.
“In our view, all of these combined wills help fast-track President Tinubu’s ambition of achieving a 1 trillion dollars economy by 2030, or even earlier.”
NAN
