Nigeria’s Capital Market Jumps 325% Under Tinubu, Eyes Dangote Refinery Listing — NGX Chairman

Nigeria’s capital market has recorded a dramatic rebound under President Bola Ahmed Tinubu, with market capitalisation surging by over 300 per cent in less than three years, Chairman of Nigerian Exchange Group, Alhaji (Dr) Umaru Kwairanga, said on Tuesday 17th March, 2026.

Speaking at the Africa Capital Forum held at Peninsula London, Dr Kwairanga told investors that Nigeria had moved from a period of economic strain to one of stabilisation and growth, following a series of reforms initiated by the current administration.

He acknowledged that the country endured “several long years of strained finances,” marked by low investor confidence, foreign exchange challenges and an overdependence on crude oil exports, but noted that recent policy decisions had begun to reverse the trend.

“It took some tough decisions and impacted on the lives of all Nigerians in the short term, but as the theme of the forum says, Nigeria’s economy has stabilised and has started to grow steadily again.” He said.

The NGX chairman cited figures released by the Governor of the Central Bank of Nigeria, Yemi Cardoso, alongside capital market data, as evidence of the recovery.

According to him, the All Share Index, which stood at 55,808 when Tinubu assumed office, has climbed to 201,474, representing a 261 per cent increase, while market capitalisation rose from N30.38 trillion to N129.32 trillion, a 325 per cent gain.

“Our stock market, which is my primary constituency, shows the positive impact of the reforms put in place by our President and his economic team,” Dr Kwairanga stated.

He added that trading volumes and values had grown fourfold within the same period, underscoring renewed investor confidence in Africa’s largest economy.

Looking ahead, the NGX Group Chairman disclosed that the Exchange was targeting a threefold expansion of key market indices within the next two years, driven by a pipeline of major listings.

“We have lined up a number of exciting listings to take us there, including the listing of the Dangote Refinery and Petrochemical Complex by the middle of this year.” He said.

The NGX chairman further reiterated support for the Federal Government’s ambition to grow Nigeria into a $1 trillion economy by 2030, noting that achieving the target would require significant domestic and foreign capital inflows.

Dr Kwairanga, who urged global investors to take advantage of emerging opportunities in the sector, also said, “We are confident that the capital market will reflect that projected growth.”

“I join other speakers here to encourage you to see Nigeria as a prime investment destination and a safe haven for your assets in Africa.” Kwairanga added.