Nigeria's stock market has hit historic highs under President Bola Ahmed Tinubu, with key indicators showing remarkable growth since his inauguration on May 29, 2023.
Data from the Nigerian Exchange (NGX) reveals the All-Share Index (ASI) has jumped from 52,973.88 points to 146,055.89 points as of August 12, 2025, delivering a year-to-date return of 41.9%. Market capitalisation has soared from N28.85 trillion in May 2023 to N92.40 trillion, an increase of over 300%.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, credited the rally to sweeping economic reforms, including foreign exchange liberalisation, fiscal restructuring, and renewed investor engagement. "Under President Tinubu's leadership, the Nigerian stock market is thriving, heralding a new era of prosperity for all shareholders," he said.
The bullish run has been broad-based, with significant gains from blue-chip companies like Nestle Nigeria, Dangote Cement, BUA Foods, MTN Nigeria, Guinness, Nigerian Breweries, and leading banks such as GTBank, Zenith Bank, and UBA.
Analysts say the surge reflects renewed investor confidence and positions Nigeria as one of Africa's most attractive investment destinations. They note that continued stability, increased listings, and improved corporate earnings could push the market even higher.
Beyond financial circles, the rally signals broader economic recovery, offering potential benefits for small and medium enterprises (SMEs) through improved funding access, sectoral growth, and stronger investor participation.
If sustained, Nigeria's capital market performance could become a powerful driver of long-term economic growth and private sector expansion.
