Abuja: The Tinubu Media Support Group (TMSG) has attributed the ongoing boom in Nigeria’s capital market to the economic reforms initiated by President Bola Tinubu.
According to News Agency of Nigeria, the Nigerian Stock Exchange (NSE) has witnessed a remarkable surge over the past 27 months, propelled by pro-business policies that have significantly bolstered investor confidence. In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG highlighted the substantial gains in the All-Share Index since May 2023.
“The All-Share Index (ASI) of the Nigerian Stock Exchange has surged nearly threefold since the Tinubu administration assumed office. Available data shows that as of the close of trading on Friday, May 26, 2023, the ASI stood at 52,973.88 points, while market capitalisation was N28.845 trillion. By Friday, August 30, 2025, the ASI had risen to 140,295.50 points, with market capitalisation reaching the N90 trillion mark,” the statement read.
TMSG described this as a significant leap in stock market activities, noting that many analysts agree it is a notable achievement, especially amid ongoing economic reforms. The group also referenced remarks by the Chairman of the Nigerian Exchange Group, Mr. Umaru Kwairanga, who recently acknowledged the positive impact of the administration’s policies on market performance. He stated that Tinubu’s reforms had resulted in a tripling of volumes and value of transactions in the capital market within two years.
Nwankpa emphasized that TMSG shared this assessment, attributing the growing investor confidence to the government’s consistent pro-business stance. The group outlined key policy decisions that had favorably influenced capital market activity, particularly in the energy and financial sectors.
“It is a statement of fact that fuel subsidy removals, the harmonisation of the foreign exchange windows, and oil sector reforms have together attracted new investments into the country. We must also highlight the fresh momentum injected into the market by the recent presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025,” the statement continued.
The Act consolidates outdated insurance laws into a unified framework, providing greater clarity and confidence for investors and stakeholders in the sector. TMSG expressed optimism that the capital market would continue its growth trajectory amid upcoming legislative and policy-driven initiatives.
“There is also the Investment and Securities Act (ISA) 2025, which some private sector stakeholders have described as one of the most comprehensive capital market laws globally. Furthermore, we expect that the listing of the Nigerian National Petroleum Company Limited (NNPCL) and the implementation of new tax laws will give an additional boost to the Nigerian Stock Exchange in the months ahead,” the group added.
TMSG concluded that the unprecedented surge in the capital market was clear proof that Nigeria was poised for large-scale investment under President Tinubu’s leadership.