Nigerian stocks historic bull run has delivered a 136% gain since May 2023 as Tinubu’s reforms boost investor confidence and domestic participation
The Nigerian stocks historic bull run has delivered a remarkable 136 % gain since May 2023, marking the best performance under any civilian administration.
Also read: President Tinubu on Fiscal Transparency, Bold Commitment to Curb Inflation
The All‑Share Index stood at 55 769.28 points as of 29 May 2023 and has surged to around 131 000 points today.
This growth exceeds the closest comparison under Obasanjo, who posted gains of 115 % by July 2001.
Market capitalisation climbed from roughly ₦30 trillion to over ₦75 trillion—a ₦45 trillion surge.
Adjusted for currency depreciation, the increase remains striking given Nigeria’s macroeconomic pressures.
Experts attribute the rally to President Bola Ahmed Tinubu’s reform agenda.
Initiatives like fuel subsidy removal and foreign exchange unification have strengthened fiscal discipline and bolstered investor sentiment.
“The market-friendly reforms have restored confidence and attracted capital,” one market analyst said.
Local bank recapitalisation and robust FAAC allocations have fuelled liquidity, while high interest rates have pushed investors into equities.
Domestic investors have been at the forefront of this rally.
Data from NGX show that in the first two years of Tinubu’s presidency, local participation accounted for 81 % of total market transactions (₦9.375 trillion of ₦11.535 trillion), dwarfing foreign inflows of ₦2.159 trillion.
Banking and ICT sectors led gains, with GTCO adding ₦2 trillion, Zenith Bank ₦1.7 trillion, MTN Nigeria ₦3 trillion and Airtel Africa ₦1.8 trillion in market value.
Recent listings like Aradel Holdings and expected IPOs from Dangote Fertiliser and NNPC could sustain momentum.
Despite equities rising 27.84 % year-to-date, the market’s advances may not reflect everyday realities.
The lasting verdict on Tinubu’s tenure may rest on improvements in cost of living, employment levels and public services.
Also read: South-South Governors Support Tinubu’s Reelection, Hail His Reforms
Yet, for investors and analysts, the Nigerian stocks historic bull run stands as a resounding testament to Nigeria’s economic resilience and growing domestic investor confidence under reform‑oriented leadership.
