The Tinubu Media Support Group (TMSG) says recent economic indicators show that Nigeria’s economy has continued to stabilise under President Bola Tinubu, pointing to the sharp rise in stock market capitalisation as evidence that the administration’s reforms are yielding results.
The group noted that market capitalisation on the Nigerian Exchange rose from about N30 trillion in May 2023, when Tinubu assumed office, to more than N155 trillion by August 2026, approaching N160 trillion.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG said the growth was a verifiable indication of increasing investor confidence and contradicted claims that the administration’s economic policies were damaging the economy.
“If there is any indication of a growing private sector-driven economy, it is the way and manner by which the Nigerian stock market has grown exponentially since President Bola Tinubu assumed office,” the group said.
TMSG attributed the expansion largely to the economic reforms introduced by the administration, saying the increased participation of local and foreign investors reflected confidence in the government’s policies and the improving stability of the economy.
“What this means is that more investors, local and foreign, are injecting funds into the economy and, like President Tinubu recently said, it is a reflection of the confidence they have in the policies introduced by his administration to introduce some form of stability to the economy,” it said.
The group said the strong performance of listed companies could also support job creation, particularly in manufacturing, energy, industrial and consumer goods, as well as the banking sector.
TMSG noted that Nigeria’s equity market was recording growth at a pace comparable to that of South Korea, although it acknowledged that the drivers differed, with technology playing a major role in the Korean market while Nigeria’s expansion was attributed largely to economic reforms.
It also cited figures from the management of the Nigerian Exchange indicating that the stock market boom had created between 500,000 and 900,000 millionaires among Nigerians who invested in shares and stocks in recent years.
However, the group acknowledged that small businesses had yet to experience growth at the same pace as the stock market. It said measures such as tax exemptions introduced by the Tinubu administration were beginning to ease pressures on small business owners.
TMSG expressed optimism that continued economic stability would enable more Nigerians, particularly those at the lower end of the income scale, to benefit from the reforms as increased investment stimulates activity in the real sector.
The group described Tinubu as a business-minded president who understands the importance of the private sector to Nigeria’s economic development.
“The bottomline is that a more stable economy will attract more investments as we are now witnessing with the rapid growth of the market capitalisation of the stock market, and this will ultimately stimulate the necessary growth that will impact the real sector of the economy,” it said.
TMSG maintained that Nigeria’s economic trajectory had turned a corner and urged Nigerians to disregard what it described as attempts to undermine the positive impact of the Tinubu administration’s policies on the broader economy.
