The Tinubu Media Support Group (TMSG) has described the Nigerian Stock Exchange (NSE) as one of the biggest beneficiaries of the steadfast financial re-engineering of the President Bola Tinubu administration.
This, according to the group, is because the stock market has, in only 27 months, recorded an unprecedented boom as a result of pro-business policies which have enlivened steady investor interest.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG noted that the All Share Index was 52,973.88 points as of May 2023 but closed at 140,295.50 points in August 2025.
The group said: “It is not just sheer luck, nor happenstance, that the All Share index (ASE) of the Nigerian Stock Exchange (NSE) has surged nearly threefold since the President Bola Tinubu administration assumed office.
”Available data showed that when the stock market closed on Friday, May 26 2023, the ASE stood at 52,973.88 points while the market capitalisation was N28.845 trillion, but as at the close of trading on Friday, August 30, 2025, it was 140,295.50 points with market capitalisation reaching the N90 trillion mark.
”This represents a quantum leap in stock market activities with many analysts agreeing that it was unprecedented against the backdrop of the economic reforms of the Tinubu administration.
”A similar perspective was also recently shared by someone who should know- the Chairman of the Nigeria Exchange (NGX) Group, Mr. Umaru Kwairanga, who was quoted as saying that the Tinubu reforms have led to the ‘tripling of volumes and value of transactions in the capital market within two years.’
”We totally align with the analysts’ position, especially as the volume of trade on the stock market is largely a result of renewed confidence by investors as a result of the pro-business approach of the government.”
TSMG also provided an insight into how the government policies have been boosting activities in the capital market.
”It is a statement of fact that fuel subsidy removal and the harmonisation of the foreign exchange windows, as well as oil sector reforms, have combined to attract new investments into the country.
”We also need to add that a fresh impetus has been added to the market with the recent presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA Act 2025), which repealed and consolidated outdated insurance laws into one single framework.
”Already, the new law, which is meant to drive efficiency in the industry as well as enforce compulsory insurance policies to enhance consumer protection, has led to a boost in the stock of listed insurance firms within a few days of the President’s assent.
”In addition, there is the Investment & Securities Act (ISA) 2025, which some key private sector players have described as one of the most comprehensive capital market laws globally.
”We are also certain that the Nigerian Stock Exchange would be further boosted in the coming months with the expected listing of the Nigerian National Petroleum Company Limited (NNPCL) as well as the take-off of the newly enacted Tax laws.
”In our view, all of these combined will contribute to hastening the President Tinubu administration’s quest for a $1 trillion by 2030 and in a few more years ahead,” the statement said.
The group added that the unprecedented surge in the capital market is clear proof that Nigeria is prepared for big business under the watch of President Tinubu.
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