Nigeria’s President Bola Tinubu has hailed a “new economic reality” for the country after the local stock exchange surpassed a record market valuation of 100 trillion naira ($62bn).
In a statement marking the milestone on Thursday, the president urged Nigerians to “invest more locally,” claiming that his government’s aggressive economic reforms are beginning to deliver global-leading returns.
The Nigerian Exchange (NGX) ended 2025 as one of the world’s best-performing markets, with a return of 51%—significantly outstripping major global indices such as the S&P 500 and the UK’s FTSE 100.
‘No longer a frontier market’
President Tinubu framed the stock market’s growth as a signal that Nigeria is moving away from its status as a “frontier” economy to a mainstream investment destination.
“Nigeria is no longer a market to be ignored,” the president said. “The stock market reflects the entire economy… its stellar performance is a significant indicator of the country’s economic health.”
The president’s optimistic outlook is based on several key economic shifts:
- Inflation on the retreat: After peaking at 34.8% in late 2024, inflation has slowed to 14.4%. The government predicts it will fall into single digits by the end of 2026.
- Foreign reserves boost: Reserves have crossed $45bn, providing the central bank with more “firepower” to stabilise the naira.
- Trade surplus: Nigeria is exporting more than it imports, with non-oil exports rising by 48% in 2025.
Turning the corner?
Since taking office in 2023, President Tinubu has introduced a series of painful reforms, including the removal of a popular fuel subsidy and the devaluation of the currency. While these moves initially triggered a cost-of-living crisis and high inflation, the president argues the “initial headwinds” have passed.
He pointed to a “robust pipeline” of upcoming listings on the exchange—including tech “unicorns” and energy firms—as evidence that the private sector is regaining confidence.
However, many Nigerians continue to feel the pinch of previous price hikes. The president acknowledged the “hard work and sacrifices” of the population, promising that 2026 would be an “epochal year” for spreading prosperity beyond the financial markets to the wider public.
“Nation-building is a process, not a destination,” he added, pledging that new tax and fiscal reforms implemented this month would further accelerate growth.
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