The N100 trillion market capitalisation milestone recorded recently by the Nigerian capital market is a strong confirmation that the economic reforms of President Bola Tinubu are producing positive results.. The
development shows that Nigeria’s economy is gradually moving away from stabilisation to recovery.
The N100 trillion capitalisation milestone, the declining inflation figures , including the steady drop in the prices of food items, the exchange rate stability and renewed investor confidence shouldn’t be treated as mere coincidences. They form the outcomes of deliberate , courageous and painful decisions taken by President Bola Tinubu.
This significant milestone marks the birth of a new economic reality and rejuvenation. The performance of the Nigerian Exchange, which closed 2025 with a 51.19 per cent return, shows that Nigeria has become a frontier market that can no longer be ignored.
While many of the world’s markets struggled with stagnation or tepid recovery, the NGX All-Share Index was on the rise in 2025. This performance ranks among the highest in the world. Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of the emerging-market peers in the BRICS+ group.
The performances from listed companies across all sectors, have been astonishing. From blue-chip industrial giants that have localised their supply chains, to a banking sector that has demonstrated resilience and technological innovation, Nigerian companies are proving that the country can deliver strong returns on investment.
Achieving sustainable growth all over the world requires shared sacrifice. The commitment to building a transparent, inclusive and high-growth economy driven by monetary , fiscal and tax reforms offers the hope that Nigeria is firmly on the path to economic recovery.
The journey has undoubtedly been tough, considering the hardship exacerbated by the removal of fuel subsidy and the merger of the multiple exchange rates , but the light at the end of the dark tunnel is already shining..
There are clear indications that the NGX
will get even bigger by the end of 2026. More indigenous energy firms, tech unicorns, telecoms, and infrastructure-heavy entities are seeking to access the public market to fund their expansion. As these firms are listed, they will boost market capitalisation and deepen democratic ownership of the Nigerian economy.
One such firm is the $20 billion Dangote Refinery which is expected to be listed on the Nigeria Stock Exchange this year. The listing aims to allow every Nigerian to become a direct owner of the refinery., emphasizing its status as a legacy project. The Chairman of the
Dangote Group , Alhaji Aliko Dangote said there would be no purchasing limits for shares, allowing investors significant participation in ownership.
The refinery seeks to pay dividends in U.S. dollars to benefit both local and diaspora Nigerians.
Nigeria is now exporting more and importing less of what it can produce locally. Non-oil exports surged by 48% by the third quarter of 2025, totalling N9.2 trillion. Exports to Africa alone rose by 97% to N4.9 trillion. Manufacturing exports increased by 67% year-on-year in the second quarter of 2025, suggesting a strong close to the year.
Nigeria’s economic outlook for 2026 points to moderate GDP growth of around 4.3-4.5%), driven by services, oil recovery, and digital sectors, alongside easing inflation and a stabilizing Naira, supported by ongoing reforms.. . Key sectors like finance, ICT, agriculture, and gas are expected to lead, while reforms aim to boost investor confidence and efficiency.
Flowing from these economic indicators, Nigerians have all the reasons to trust and believe things will get better in 2026 and beyond.
*Mustapha Isah
Former President of the Nigerian Guild of Editors.
