Nigeria’s Stock Market Rally Signals Strong Economic Growth, Says President Tinubu
President Bola Tinubu has highlighted the sustained rally in the Nigerian stock market as a clear reflection of the country’s improving economic health. Speaking at the launch of the National Industrial Policy 2025 in Abuja, Tinubu noted that rising stock values are driving investor optimism and signaling resilience despite ongoing economic challenges. He cited personal anecdotes, including a friend’s N1.7 billion gain in a single day, as evidence of the market’s vibrancy and Nigeria’s economic potential.
The new policy, themed “Implementing Nigeria’s Industrial Future”, was unveiled to establish a roadmap for repositioning Nigeria as a competitive industrial economy. Tinubu emphasized that the strategy was built on extensive consultations and reflection, aiming to address long-standing challenges like fragmented value chains, high production costs, and policy inconsistencies. The plan focuses on creating jobs, increasing production, and integrating micro, small, and medium enterprises into national growth.
Over the past year, the Nigerian equities market has experienced a bullish trend supported by foreign exchange reforms, rising corporate earnings, and active pension fund participation. This growth has turned the stock market into a barometer of economic confidence, reflecting both local and foreign investor interest. Tinubu underlined that a thriving private sector, not government ownership, is the engine of economic growth, commending industrialists like Aliko Dangote for contributing significantly through taxes and job creation.
The Industrial Policy 2025 aligns with broader trade ambitions, including the African Continental Free Trade Area, and emphasizes local content and export diversification. The Minister of State for Industry, Trade, and Investment, John Enoh, cited the shea butter sector as a success story, where a ban on raw shea nut exports boosted local processing, farmer incomes, and exports. This example demonstrates how the policy transforms both rural communities and industrial capacity, creating national confidence and dignity.
Tinubu concluded that Nigeria’s youthful population and large domestic market offer a unique opportunity to drive industrial transformation. He stressed that implementation, not policy documents alone, would measure success, with tangible outcomes such as new factories, job creation, and increased exports. With clarity, coordination, and investor-friendly policies, Nigeria is poised to turn its industrial ambitions into reality—starting now.
source: Punch