Nigerian stock market hits N155tn as Tinubu reforms stabilise economy — TMSG
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Nigerian stock market hits N155tn as Tinubu reforms stabilise economy — TMSG
By Alabidun Shuaib AbdulRahman
The Tinubu Media Support Group, TMSG has said the Nigerian economy is steadily stabilising under the administration of President Bola Tinubu, citing the rapid growth in the country’s stock market capitalisation as evidence of increased investor confidence.
The group said the market capitalisation of the Nigerian stock market had risen from about N30tn in May 2023, when Tinubu assumed office, to more than N155tn in August 2026.
The Chairman and Secretary of TMSG, Emeka Nwankpa and Dapo Okubanjo, respectively, stated this in a statement on the latest economic indicators.
The group described the growth in market capitalisation as verifiable evidence that the economic reforms of the Tinubu administration were yielding results, contrary to claims that the policies were damaging the economy.
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TMSG said the performance of the equities market demonstrated growing confidence among both local and foreign investors in the Nigerian economy.
“If there is any indication of a growing private sector-driven economy, it is the way and manner by which the Nigerian stock market has grown exponentially since President Bola Tinubu assumed office.
“From total market capitalisation of N30tn when he became President to over N155tn after three years in office, it would be difficult not to ascribe the growth to the economic reforms introduced by his administration,” the group stated.
According to the group, increased market activity indicates that more investors are injecting capital into the Nigerian economy, reflecting confidence in the reforms and the prospects of improved economic stability.
It argued that investors would be reluctant to commit substantial funds to an economy where they did not expect reasonable returns on investment.
TMSG said the increased profitability of businesses could also translate into job creation across various sectors, particularly manufacturing, energy, industrial and consumer goods, as well as banking.
The group noted that Nigeria was among the fastest-growing equity markets globally, comparing its performance with that of South Korea.
It, however, said while South Korea’s equity market growth was largely driven by technology, Nigeria’s recent performance was being driven primarily by economic reforms.
The group also said the rising stock market was creating wealth for Nigerians who had invested in equities in recent years.
It cited figures attributed to the management of the Nigerian Exchange, which it said indicated that the market had created between 500,000 and 900,000 millionaires.
TMSG, however, acknowledged that small businesses had yet to record growth comparable to the performance of the stock market.
It said some measures introduced by the Tinubu administration, including tax exemptions, were beginning to ease the burden on small business owners.
The group expressed optimism that continued economic stabilisation would enable more Nigerians, particularly those at the lower end of the economic ladder, to benefit from the reforms.
It said the growing stability would also create an environment capable of attracting additional domestic and foreign investment.
“We are convinced that with the economy becoming more stable, the stage is now set for more people, especially those on the lower rung of the ladder, to begin to feel the positive effects of the Tinubu reforms,” TMSG stated.
The group maintained that a stronger private sector remained critical to Nigeria’s economic growth, describing Tinubu as a business-minded President who understood the role of private enterprise in driving economic development.
TMSG said the rising market capitalisation was an indication that the reforms were creating conditions for increased investment and economic expansion.
“The bottom line is that a more stable economy will attract more investments as we are now witnessing with the rapid growth of the market capitalisation of the stock market, and this will ultimately stimulate the necessary growth that will impact the real sector of the economy,” it said.
The group urged Nigerians to disregard what it described as attempts to undermine the impact of the Tinubu administration’s economic policies, insisting that the country’s economic trajectory had entered a new phase of stability and growth.
