President Bola Ahmed Tinubu has touted the performance of Nigeria’s stock market as one of the key indicators of his administration’s economic reforms, saying the market has grown fivefold since he assumed office in 2023.
Speaking on the impact of his government’s policies, Tinubu said the remarkable rally on the Nigerian Exchange had significantly increased investor wealth, particularly among long-term shareholders.
“The stock market has done remarkably, five times higher than in 2023. I have created wealth for some of your uncles and grandfathers,” the president said, in a light-hearted remark while highlighting what he described as the gains of his administration’s economic agenda.
Tinubu has repeatedly defended his sweeping reforms, including the removal of fuel subsidies, the unification of Nigeria’s foreign exchange market and broader fiscal restructuring, arguing that while the policies have imposed short-term hardships, they are laying the foundation for long-term economic growth and investor confidence.
The Nigerian stock market has witnessed a sustained rally over the past two years, with banking, telecommunications and consumer goods stocks driving record gains. Government officials have attributed the surge to renewed investor confidence, improved corporate earnings and policy reforms aimed at stabilising Africa’s largest economy.
The president’s comments come amid continued debate over the broader impact of his economic policies, as many Nigerians grapple with soaring inflation, rising living costs and a weakened naira, even as financial markets post record-breaking performances.
