Tinubu Breaks 2-Year Stock Market Records, Outperforms Obasanjo, Yar’Adua, Jonathan, Buhari

• Nigerian stock market investors have made more money under the 2-year administration of President Bola Tinubu
• The economic reforms carried out led to a market rally of over 100%, marking the strongest performance among presidents since 1999
• Although the reforms have brought hardship to many Nigerians, it has created optimism among investors

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria’s stock market under the administration of President Bola Ahmed Tinubu has recorded the highest returns in the first two years of any government since 1999.

Analysis of data shows that between May 2023 and May 2025, under Tinubu, the stock market increased by 111.24%.

The returns are higher than the record of his predecessors within the same period under review.

Since the return to civilian rule, Nigeria has been led by Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan, Muhammadu Buhari, and now Bola Ahmed Tinubu.

Nigeria's stock performance since 1999

Within the 2-year review period, the best two-year stock market rally was under Tinubu.

Following behind Tinubu's 111.24% stock market rise is the 106.64% rally recorded in the first two years of President Obasanjo’s administration (1999–2001).

Under President Jonathan, the stock market recorded a 47.18% increase, compared to an 11.50% increase during the same period under President Muhammadu Buhari.

It was a different scenario under the administration of President Umaru Musa Yar’Adua, as the stock market declined by 39.58% two years into his tenure.

Nigeria's stock market performance 2 years after inauguration:

• Tinubu (2023–2025): +111.24%
• Obasanjo (1999–2001): +106.64%
• Jonathan (2011–2013): +47.18%
• Buhari (2015–2017): +11.50%
• Yar’Adua (2007–2009): -39.58%

Analysis of stock performance under Tinubu

Tinubu’s immediate market impact was also notable. In the first 24 hours of his administration, investors gained over N1.505 trillion as the market responded to his declaration of economic reforms, particularly the removal of the fuel subsidy.

The NGX All-Share Index (ASI) jumped 5.22% on the first trading day after its inauguration, and maintained positive momentum with gains of 5.28% after one week, 13.5% after one month, and 28.58% after five months.

By contrast, Buhari’s administration opened to a weak market response, with the NGX falling 0.77% a day after his inauguration in 2015 and losing 16.02% within the first three months.

This downward trend continued until the 5 month; however, the market closed with an 11.50% gain by the end of the second year.

The stock market performance under Jonathan and Yar’Adua started on a strong note but eventually depreciated, while under Obasanjo, it experienced a strong recovery and long-term growth.

During Jonathan’s presidency, the market gained 0.14% one day after his inauguration and 0.52% after one week.

However, it fell by 3.12% after one month and declined further to 19.07% after five months. Despite this early slump, the market recovered to a 47.18% gain two years later.

Yar’Adua and Obasanjo's performance

Under Yar’Adua, the market kicked off also strongly, rising 4.52% within one week and 4.05% after one month.

This growth was not sustained, and the market dropped by 39.58% two years into his term.

During Obasanjo’s tenure, the market started on a shaky note, with a small 0.07% dip one day after inauguration.

This was followed by strong gains of 22.9% after one month and 2.3% after five months. His private sector reforms contributed to a remarkable 106.64% increase in the market after two years.

In summary, while the markets under Jonathan and Yar’Adua struggled despite a strong start, Obasanjo’s reforms led to a sustainable stock market growth.

Investors make N187bn in one day of trading

Earlier, Legit.ng reported that Nigeria’s equities market recorded another positive performance on Wednesday, May 28, 2025, as investors booked a N187 billion gain.

Data from Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) climbed by 0.27% to close at 111,902.61 points, up from the previous day’s 111,606.22 points.

In 14,870 deals, investors exchanged 531,287,255 shares worth N19.808 billion in trading on Wednesday.

Source: Legit.ng