Tinubu @ 3: Nigeria’s Stock Market Surges N130 Trillion Amid Economic Hardship and Bold Reforms
Nigeria’s stock market has delivered one of its most dramatic wealth surges in recent history, rising from about N30 trillion in 2023 to more than N160 trillion by mid-2026 under President Bola Tinubu’s administration. The performance represents a gain of over N130 trillion in market value, even as many households continue to grapple with inflation, rising living costs, and weakened purchasing power.
The rally has been fueled by sweeping economic reforms introduced since Tinubu assumed office, including the removal of fuel subsidy, the liberalisation of the foreign exchange market, tighter monetary policies, and a major banking recapitalisation programme. While these policies initially triggered economic pressure and currency volatility, they also restored investor confidence and positioned Nigeria’s capital market as one of the strongest performers globally during the period.
Market data shows that the Nigerian Exchange (NGX) All-Share Index surged from 52,973 points in May 2023 to over 250,000 points by May 2026, marking a rise of more than 370 per cent. The rally has been broad-based, with banking, telecommunications, industrial goods, oil and gas, and insurance stocks all contributing to the historic growth. For investors, equities became a key hedge against inflation and naira depreciation, driving strong participation from both local and foreign players.
A major catalyst behind the boom was the banking recapitalisation exercise completed in 2026, which saw Nigerian banks raise about N4.65 trillion in new capital. Domestic investors contributed more than 70 per cent of the funds, while foreign inflows surged as confidence returned. The combined value of listed banks rose sharply, reinforcing the strength of the financial sector and attracting renewed global attention to Nigerian assets.
However, the strong market performance contrasts sharply with the realities of everyday Nigerians, where inflation peaked above 30 per cent in recent years before moderating under a rebased index. Analysts say the situation reflects a classic reform paradox: capital markets react quickly to policy optimism, while the broader economy takes longer to feel the benefits. Experts maintain that the challenge now is ensuring that stock market gains translate into jobs, improved credit access, and better living standards for the wider population.
source: The Sun