Since President Bola Ahmed Tinubu assumed office in May 2023, Nigeria’s capital market has undergone a silent but profound transformation, emerging as a stabilizing force in an economy reeling from years of uncertainty. As his economic team rolled out a cocktail of bold reforms, the once-muted Nigerian capital market found new momentum, regaining the trust of investors and reinforcing its role in national development.
Backed by a renewed vision to reposition Nigeria’s economy on the path to sustainable growth, Tinubu’s administration prioritized market-oriented reforms as a key pillar of its broader economic agenda. The results have been telling.
A Reform-Driven Mandate
One of the early signs of serious intent was the appointment of reform-minded technocrats across financial agencies. Among them was Dr. Emomotimi John Agama, who was named Director General of the Securities and Exchange Commission (SEC). His appointment brought renewed energy to the regulatory ecosystem, with a strong focus on innovation, market deepening, and investor protection.
Under Tinubu’s directive, the SEC and other market operators began pushing policies aimed at broadening participation and improving transparency. The synergy between the fiscal and monetary authorities improved significantly, creating a more predictable environment for investment decision-making.
Reviving Confidence and Capital Flows
Central to the resurgence of the capital market was the administration’s resolve to tackle long-standing investor concerns. The unification of the exchange rate and the removal of fuel subsidies were critical moves that signaled discipline and reform commitment. These tough but necessary decisions sent a clear message: Nigeria was open again for serious investment.
The Nigerian Exchange Group (NGX) began to witness renewed activity, as both domestic and foreign portfolio investors re-entered the market. The market capitalization of listed equities soared, buoyed by improved macroeconomic sentiment and increased listings by high-performing corporates.
Foreign investors, once spooked by currency repatriation risks, slowly began trickling back, drawn by the clarity of policy, a more open FX regime, and improving fundamentals.
Innovation and Access for the Next Generation
Beyond liquidity and listings, the Tinubu administration placed strong emphasis on democratizing access to capital. The SEC advanced its digital agenda, embracing crowdfunding platforms, regulatory sandboxes, and digital asset monitoring, all of which expanded opportunities for startups and SMEs to raise funds through formal channels.
The push to deepen retail investor participation also gained ground, with educational campaigns targeting young Nigerians and informal investors, ushering in a new era of inclusive financial market growth.
Mobilizing Long-Term Capital for Development
Under the renewed guidance of the Tinubu presidency, institutional investors such as pension funds increased their exposure to capital markets, particularly in equities and corporate bonds. This provided long-term, patient capital for enterprises while improving portfolio diversification for the pension industry.
The government also took advantage of capital market instruments like Sukuk and green bonds to raise funds for infrastructure development, a strategic move that not only funded road and energy projects but also widened the investor base.
Capital Market as an Economic Engine
By mid-2025, it had become clear that the capital market was no longer an isolated segment of the economy, it had become a vehicle for job creation, wealth generation, and economic resilience. Analysts point to the sector’s steady performance amidst global headwinds as evidence of the structural progress achieved under the current administration.
The capital market’s revival, though quiet compared to the political headlines, is now recognized as one of the most significant achievements of the Tinubu economic doctrine. It is a story of reform, renewal, and restored confidence, a testimony to what’s possible when policy meets purpose.
As Nigeria charts its path toward a $1 trillion economy, the capital market stands ready, not just as a barometer of investor sentiment, but as a reliable engine of national progress.
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