Nigeria’s stock market has surged by ₦60.19 trillion since President Bola Tinubu took office, according to data from the Nigerian Exchange (NGX).

Market capitalization rose from ₦30.39 trillion in May 2023 to ₦90.58 trillion by September 2025, while the All-Share Index (ASI) jumped 155.7 percent, from 55,710.48 to 142,710.48 points.

Analysts attribute the rally to Tinubu’s economic reforms, including foreign exchange liberalisation and renewed investor engagement, which have boosted confidence in the market.

However, experts warn that soaring equity values may not reflect wider economic wellbeing, citing inflation, currency instability, and fiscal pressures. They urge the government to sustain reforms that deepen market participation and strengthen economic fundamentals.