Nigeria’s capital market has surged past N125 trillion, a milestone attributed to ongoing fiscal reforms aimed at strengthening investor confidence and stabilizing the economy, according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Speaking at the 3rd PUU Capital Market Colloquium in Abuja, Oyedele described the reforms as one of the most consequential fiscal resets in the country’s history, designed to foster trust, stimulate inclusive growth, and create a more investment-friendly environment.
The impact of these reforms is already evident on the trading floor of the Nigerian Exchange Group (NGX). By mid-February 2026, the All-Share Index had recorded a 25.3% return in just seven weeks, with market capitalization crossing the N100 trillion mark in January and reaching an all-time high of over N125 trillion by February 20. Oyedele credited structural reforms for improving transparency, boosting foreign exchange liquidity, and providing predictability in tax administration, which have together strengthened both domestic and foreign investor confidence.
Central to the reforms is a new, unified tax framework aimed at encouraging investment and portfolio growth. Provisions include full Capital Gains Tax exemptions for reinvested shares, higher tax-exempt thresholds for small investors, and a reduction in corporate income tax from 30% to 25%. Additionally, certain transaction taxes, such as stamp duties on share transfers and withholding taxes on bonus shares, have been reduced or removed, with foreign investors now protected from taxation on naira gains without accounting for foreign exchange losses.
Oyedele emphasized that the ultimate goal of these policies extends beyond rising market indices. By encouraging patient capital and boosting market liquidity, the reforms aim to channel financial market growth into tangible economic outcomes, including infrastructure development, industrialization, innovation, and job creation. The chairman stressed that sustained growth relies on continued policy consistency, macroeconomic stability, and credible institutions to maintain investor trust.
Expanding the vision beyond Nigeria, Professor Uche Uwaleke of Nasarawa State University highlighted the importance of Africa-wide economic integration through robust capital markets, infrastructure, and digital connectivity. Speaking on “Future-proofing Africa-wide economic integration,” Uwaleke noted that deep, interconnected capital markets, harmonized regulations, and reliable infrastructure are essential for sustainable investment, regional trade, and industrial growth. He concluded that resilient fiscal and monetary systems remain critical to ensure long-term investor confidence and economic integration across the continent.
source: leadership