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 President Bola Ahmed Tinubu has recorded the highest returns in the first two years of any administration since 1999.

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

This is higher than the record of his predecessors within the same period under review since 1999.

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

Data tracked by StatiSense showed that 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).

Following behind is 47.18% under President Jonathan, and 11.50% during the same period of President Muhammadu Buhari’s tenure.

The market, however, contracted by 39.58% under President Umaru Musa Yar’Adua two years into his administration.

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%

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.

Stoke market under Jonathan and Yar’Adua started poorly; however, under Obasanjo, there was a bounce back following reforms in the private sector, leading to long-term gains.

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