The most recent indicators on the Nigerian economy show that it has continued to stabilise on the watch of President Bola Tinubu, according to Tinubu Media Support Group (TMSG).
This was after it emerged that the Nigerian stock market grew from N30 trillion as of May 2023 to nearly N160 trillion in 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 is verifiable proof that the Tinubu reforms are working, contrary to suggestions that they are harming the economy.
It said: “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.
“From total market capitalisation of N30 trillion when he became President to over N155 trillion after three years in office, it would be difficult not to ascribe the growth to the economic reforms introduced by his administration because if things had been worse, the blame would have been that of the government.
“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.
“And we dare say that no investor would readily put funds into a market that does not guarantee solid returns on investment. Profitability also suggests that more jobs are being created across sectors of the economy including manufacturing especially those involved in energy industrial and consumer goods, as well as banking institutions.
“We note that only South Korea is moving at nearly the same pace with Nigeria in terms of the equity market but while the Korean market is driven by technology, that of Nigeria is largely due to economic reforms introduced by President Tinubu.
“It is also interesting to note that the booming stock market is creating wealth for many individuals who bought shares and stocks in recent years and according to the management of the Nigerian Exchange, it has created between 500,000 and 900,000 millionaires.
“We are aware that while the stock market is booming massively, small businesses are not recording a similar growth trajectory but there are signs that specific reforms like tax exemptions introduced by the Tinubu administration are making life easier for small business owners.
“We are convinced that with the economy becoming more stable, the stage is now set for more people, especially those on the lower rung of the ladder to begin to feel the positive effects of the Tinubu reforms.
“This is because we have a consummate business-minded and skillful president who appreciates the prime place of the private sector in the economic well-being of the country.
“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.”
Maintaining that the nation’s economic history has already turned the corner, the group urged Nigerians to ignore all efforts aimed at demeaning the positive impact of the policies of the President Tinubu administration on the larger economy.
