Nigerian shares have recorded their most spectacular run beneath any civilian administration since 1999, because the market rallies sharply beneath President Bola Ahmed Tinubu.
In line with a Nairametrics evaluation, the All-Share Index (ASI) has gained 136% since President Tinubu assumed workplace in Might 2023.
The ASI, which stood at 55,769.28 factors as of Might 29, 2023, is now buying and selling round 131,000 factors—a historic milestone for the Nigerian capital market.
That is the very best acquire ever recorded at this stage of any presidency since Nigeria returned to democratic rule.
By way of market capitalization, the Nigerian Trade (NGX) has expanded from about N30 trillion in Might 2023 to over N75 trillion in the present day—a staggering N45 trillion improve in worth.
Whereas this acquire could look extra modest when adjusted for change fee depreciation, the market’s efficiency is notable contemplating the broader macroeconomic challenges going through the nation.
President Tinubu’s {economic} reform agenda has performed a key function within the inventory market’s efficiency.
From gasoline subsidy removing to overseas change unification, the administration has launched daring insurance policies aimed toward stabilizing public funds and restoring investor confidence.
Whereas these insurance policies have sparked inflation and squeezed family incomes, they’ve additionally earned reward from international establishments and the funding group, who see them as market-friendly and obligatory for long-term progress.
The inventory market’s bullish efficiency has additionally been aided by:
Nairametrics noticed that native institutional and retail buyers have pushed a lot of the latest rally, whereas overseas portfolio buyers stay cautious regardless of elevated inflows in Q1 2025.
Within the first quarter of 2025, home transactions totaled N1.418 trillion, accounting for 63.63% of the overall market transactions of N2.23 trillion
Zooming out within the first two years of President Tinubu’s administration (Might 2023 – Might 2025), knowledge from the NGX Home and International Portfolio Report present that home participation in fairness buying and selling amounted to N9.375 trillion, representing about 81% of the overall transaction worth of N11.535 trillion.
As compared, overseas participation stood at N2.159 trillion throughout the identical interval.
This shift displays rising home confidence out there, amid restricted different funding choices.
Sectors comparable to banking, agriculture, industrials, and oil & gasoline have been among the many main beneficiaries, with a number of blue-chip shares hitting all-time highs.
The banking sector, for instance, has added over N7 trillion in market capitalization between 2023 and 2025—pushed largely by robust features from GTCO (N2 trillion) and Zenith Bank (N1.7 trillion).
Within the ICT sector, MTN Nigeria has added over N3 trillion in market worth, whereas Airtel Africa adopted intently with a acquire of about N1.8 trillion.
Current and anticipated listings are additionally supporting sentiment. Aradel Holdings, which listed final yr, added over N2 trillion to the market. Different potential listings like Dangote Fertilizer and a deliberate NNPC IPO might present additional momentum.
With Nigerian equities already up 27.84% year-to-date as of mid-July 2025, analysts anticipate the market might shut the month with double-digit features. If this rally holds by means of the remainder of the yr, President Tinubu might go down as probably the most consequential Nigerian president for inventory market efficiency.
Nevertheless, for many Nigerians, the inventory market’s stellar returns stay disconnected from their each day realities.
The last word judgment for the administration could not come from the NGX, however from how nicely Nigerians fare when it comes to value of residing, employment, and entry to fundamental providers.
Nonetheless, for buyers and market watchers, the information speaks for itself. Nigerian shares are in a historic bull run—and it’s unfolding beneath the Tinubu administration.
