Tinubu's Reforms Spark NGX Market Capitalisation Surge to N150 Trillion

The Nigerian Exchange Group (NGX) has announced a significant boost in market capitalisation of listed companies, rising from N30 trillion in May 2023 to over N150 trillion, following reforms introduced by President Bola Tinubu. This remarkable growth can be attributed to key initiatives implemented by the current administration, including fuel subsidy removal, foreign exchange reforms, and the Investment and Securities Act signed into law in 2025.

Speaking after a meeting with President Tinubu at the Presidential Villa in Abuja, NGX Group Managing Director and Chief Executive Officer, Temi Popoola, highlighted the impact of these reforms on the country's capital market. He noted that the banking sector recapitalisation and digital transformation initiatives have also played a crucial role in broadening access to capital market opportunities, with banks raising over N4 trillion, mostly from domestic investors.

The proposed listing of the Dangote Refinery is expected to further boost market value and investor confidence, with market capitalisation potentially reaching N230 trillion by the end of 2026. This growth has created substantial wealth for investors and businesses across the country, with an estimated 500,000 to 900,000 new millionaires emerging through gains recorded in the capital market. Earnings of many listed companies have risen sharply, with some firms recording up to five-fold growth since 2023.

The NGX chief attributed the market expansion to the Tinubu administration's economic reforms, which have increased investor confidence in the Nigerian economy. The Nigerian market was recently ranked among the world's best-performing exchanges, a testament to the success of these reforms. The NGX has urged the Federal Government to accelerate privatisation and list stakes in major national assets, including Nigeria LNG, Indorama, and selected Nigerian National Petroleum Company Ltd. assets.

President Tinubu has assured the NGX delegation of his support and commitment to policies that will deepen market development. The administration's vision of a capital market capable of financing infrastructure and supporting Nigeria's one-trillion-dollar economy ambition is gradually taking shape. With current reforms and policies sustained, Nigeria could become a major financing hub for Africa, attracting significant investment and driving economic growth.

The NGX has also requested incentives to encourage more private firms to list locally rather than seek foreign listings exclusively. This move is expected to increase the depth and liquidity of the Nigerian capital market, providing more opportunities for domestic investors to participate in the growth of the country's economy. As the NGX continues to work with the Federal Government to implement these reforms, the prospects for the Nigerian capital market look promising, with potential for further growth and development in the coming years.

In conclusion, the Tinubu administration's reforms have had a profound impact on the Nigerian capital market, with market capitalisation surging to N150 trillion. The NGX is well-positioned to play a critical role in financing infrastructure and supporting the country's economic growth, and with the continued support of the Federal Government, the prospects for the Nigerian economy look bright. As the NGX and the Federal Government work together to deepen market development, it is likely that the country will witness significant economic growth and development in the coming years.

The Nigerian capital market has undergone significant transformations over the years, with the NGX playing a crucial role in promoting transparency, accountability, and good governance in the country's corporate sector. The exchange has implemented various initiatives aimed at improving market efficiency, enhancing investor protection, and increasing access to capital for listed companies. These efforts have contributed to the growth and development of the Nigerian economy, with the NGX serving as a platform for companies to raise capital and for investors to participate in the growth of the country's economy.

Looking ahead, the NGX is expected to continue playing a vital role in the development of the Nigerian capital market, working closely with the Federal Government to implement policies and reforms that will drive economic growth and development. The exchange will also need to adapt to changing market conditions, embracing innovation and technology to remain competitive and relevant in an increasingly complex and interconnected global economy. With its strong track record of promoting market development and its commitment to transparency and good governance, the NGX is well-positioned to support the growth and development of the Nigerian economy in the years to come.