Nigeria’s equities market has surged nearly fivefold in just over three years, a trend that Tinubu Media Support Group (TMSG) says reflects a steadily strengthening economy under President Bola Tinubu.
The group pointed to figures showing market capitalisation at the Nigerian Exchange climbing from about N30 trillion in May 2023 to close to N160 trillion by August 2026.
In a statement by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG asserted that the growth in market capitalisation at the Stock Exchange was verifiable proof that the Tinubu reforms are working, contrary to suggestions that they are harming the economy.
TMSG compared Nigeria’s pace equity growth to South Korea’s, though it noted the Korean market’s gains are technology-driven while Nigeria’s stem largely from economic reform.
It also cited figures from the Nigerian Exchange suggesting the boom has produced between 500,000 and 900,000 new millionaires among investors.
The group acknowledged that small businesses have not grown at the same rate as the stock market, but pointed to tax exemptions introduced by the administration as evidence that relief is beginning to reach smaller operators.
It expressed confidence that benefits from the reforms would eventually filter down to lower-income Nigerians, describing Tinubu a business-minded attuned to the private sector’s role in economic growth.
The statement concluded by insisting Nigeria’s economy has already turned a corner and urged the public to dismiss criticism aimed at downplaying the impact of the administration policies.
