President Tinubu receives NGX and SEC leaders during Brazil state visit

Tinubu Says Capital Market Rally Is Strongest Proof of Macroeconomic Reform Success

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President Bola Ahmed Tinubu declared that the sustained rally in Nigeria’s capital market stands as the clearest evidence of the early successes of his government’s macroeconomic reforms. He made the remarks while hosting top leadership from the Nigerian Exchange Group (NGX), the Securities and Exchange Commission (SEC), and leading capital market players during his state visit to Brazil.The Nation Newspaper

Over the past two years, Nigeria’s stock market has undergone a transformative surge. Statistics show that the NGX All-Share Index (ASI) has more than doubled, climbing from around 52,974 points at the end of May 2023 to over 112,000 points by June 2025, a gain exceeding 110%. This remarkable ascent has generated over ₦30 trillion in investor capital gains, making the market one of the best performers globally.New Telegraph

Additionally, market capitalisation ballooned from ₦52.2 trillion to around ₦119.6 trillion by May 2025, earning the phenomenon the moniker “Tinubu Boom.”PM News Nigeria This rally is closely tied to strategic reforms, including the Investment and Securities Act (ISA) 2025, which is forecasted to elevate the capital market’s value to ₦300 trillion, according to SEC Director-General Dr Emomotimi Agama.Nairametrics

The administration credits liberalization efforts, such as the floating of the naira, harmonization of multiple foreign exchange windows, subsidies removal, and tax reform, for rekindling investor confidence. These changes have also resulted in a notable bond market rally, with Nigeria’s naira bonds outperforming peers in the Emerging Markets Index. Tinubu’s reforms have driven increased government revenue and helped stabilize inflation and the currency, a rare combination drawing strong investor interest.mint

Shareholders themselves have echoed this optimism. Members of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS) commended the bold fiscal and financial reforms for revitalizing the investment climate. They highlighted improved foreign exchange stability, the return of foreign investors, and robust corporate performance as key indicators of the reforms’ tailwinds.The Nation Newspaper Tribune Online

Meanwhile, civil society is taking note. The Independent Media and Policy Initiative (IMPI) observed that long-term foreign investors are increasingly confident in Nigeria’s economic trajectory. The audit showed that revenue volatility has significantly diminished and foreign investments are solidifying as inflation subsides.TheCable

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