Investors gain N4.35tr in five weeks
…Nigeria now among world’s top three markets
By Patience Ikpeme
Over the past five weeks, Nigerian equities have gained N4.35 trillion in net capital gains.
This significant growth can be attributed to the investor-friendly policies of President Bola Tinubu’s administration.
Nigeria has emerged as one of the top-performing markets globally, as indicated by official trading reports and global stock market indices.
The Nigerian Exchange (NGX) confirms that this market performance is a result of audacious macroeconomic reforms implemented by the new administration.
In just one month, the Tinubu Administration has made substantial changes, including the end of the fuel subsidy, the elimination of multiple forex rates, and investigations into major public finance issues.
President Tinubu’s inaugural speech addressed various concerns of investors, promising to review complaints about multiple taxations and obstacles to investment.
The benchmark equities indices at the NGX have experienced an average return of 15.09% in the first half of 2023.
The market value of quoted equities has risen by N4.35 trillion, accounting for 82% of the total net capital gains in the first half of the year.
In addition, the All Share Index (ASI) reached a 15-year high, closing above 60,000 points, indicating a strong and sustained bullish run.
According to a global analysis, Nigeria is now the third best-performing market in the world in terms of average return.
The market has also witnessed an increase in foreign investors’ participation, with total foreign portfolio investments rising significantly.
This positive momentum can be attributed to the investor-friendly policies of the Tinubu Administration.