Abuja, Nigeria — August 12, 2025:
The Federal Government has credited President Bola Ahmed Tinubu’s economic reforms for driving Nigeria’s stock market to record-breaking levels, describing the rally as a direct result of its pro-market policies.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Nigerian Exchange (NGX) All-Share Index (ASI) has climbed from 52,973.88 points in May 2023 to 146,055.89 points as of August 12, 2025 — representing an estimated 300% surge in market capitalisation.
The gains have been broad-based, with leading companies such as Dangote Cement, MTN Nigeria, Nestlé, BUA Foods, and tier-one banks including GTBank, Zenith Bank, and UBA posting significant price increases. Analysts attribute the bullish momentum to key policy measures, including foreign exchange market liberalisation, increased infrastructure spending, improved regulatory transparency, and deeper collaboration with the private sector.
The rally has strengthened investor confidence, attracting both domestic and foreign portfolio investments back into Nigerian equities. Market observers also say the surge reflects renewed optimism about the country’s economic recovery trajectory.
While supporters see the market boom as proof of effective governance, some economists caution that sustaining the rally may be challenging amid global economic uncertainties and unresolved structural weaknesses in the local economy.
The administration insists the strong market performance underscores its commitment to restoring credibility to Nigeria’s economy, boosting investor trust, and laying the groundwork for sustained growth.