By NIyi Jacobs
President Bola Tinubu has delivered the strongest Nigerian stock market performance in the first two years of any civilian administration since 1999, with the NGX All-Share Index surging by 111.24% since he took office.
Data from StatiSense shows that investor sentiment turned bullish immediately after Tinubu’s inauguration in May 2023. The market jumped 5.22% on his first day, rose 13.5% within a month, and gained nearly 29% by the fifth month—signaling strong investor confidence in his early economic reforms.
In comparison, the second-best performer over a two-year period was former President Olusegun Obasanjo, whose market-era reforms helped the NGX grow by 106.64% in his first two years in office.
President Muhammadu Buhari saw a weak start to his term, with the market falling 16.02% within his first three months. However, it recovered to post a modest 11.50% gain after two years. Goodluck Jonathan’s tenure also began mixed, eventually yielding 47.18% growth over two years, while President Umaru Musa Yar’Adua’s market performance declined sharply by -39.58% in the same period.
Analysts attribute the Tinubu-era surge to investor optimism around market-driven reforms, exchange rate unification, and policy signals aimed at reviving investor confidence.
With the NGX rallying strongly under Tinubu’s leadership, market watchers say sustaining momentum will depend on continued fiscal discipline, security improvements, and successful execution of structural reforms.
