- Agency Report
Mr David Adonri, a stockbroker, says the ongoing banking recapitalisation exercise, alongside other macroeconomic reforms by the Federal Government, has triggered remarkable growth in the Nigerian Capital Market.
Adonri, Vice Chairman of Highcap Securities Ltd., while speaking with the News Agency of Nigeria on Sunday, said this growth had resulted in what people call “Tinubu Boom.”
He said the primary and secondary market indicators in the capital market witnessed sporadic growth within two years of President Bola Tinubu’s tenure in office, with the indices reaching historic levels.
According to him, the recapitalisation programme has significantly boosted activities in the primary market, spurring increased issuances not seen since the pre-2008 global financial crisis era.
He said that several listed companies, affected by the depreciation of the Naira and seeking to refinance their liabilities, approached the capital market to raise funds, thereby deepening market activities.
Adonri explained, “On the last trading day, May 26, 2023, before President Tinubu’s tenure started, the All Share Index (ASI) of NGX was 52,973.88, a Year-To-Date appreciation of 3.36 per cent
“Riding just on the President’s policy pronouncements, ASI rallied heavily like never before on the first trading day after inauguration by 5.22 per cent and continued with a quantum leap, appreciating by 45.4 per cent to close the year at 74,502.58.
“Nobody could have thought in his wildest imagination that ASI would fly over 100,000 to the current figure of 111,742.01. As a result, in two years of this administration, the equities market has more than doubled in capital gains.
“President Tinubu inherited a total market capitalisation of N52.215 trillion in May 2023.He has doubled it to N119.58 trillion as of May 23, 2025, a feat that is praiseworthy. So far in 2025, the market has continued its rally with ASI up by 8.53 per cent year to date.”
The stockbroker described the achievement as commendable and a testament to the effectiveness of the President’s economic policies.
Adonri commended the signing into law of the Investment and Securities Act 2024 by President Tinubu, noting that it had further enhanced regulatory oversight and safety in the capital market.
He, however, said that while the President’s broader economic objective of achieving six per cent annual GDP growth en route to a one trillion dollar economy by 2030 is laudable, the momentum was yet to fully gather pace.
“The highest quarterly GDP growth under this administration was 3.84 per cent in fourth quarter 2024.
“Many analysts believe this was largely inflation-driven and did not translate into real growth,” he added.
Adonri urged the government to harness the full potential of the capital market as a platform for private capital formation.
He said if funds raised through the capital market were strategically deployed to critical sectors of the economy, particularly the productive industries, Nigeria can exceed the one trillion dollar GDP target by 2030.
He described the capital market as a limitless avenue for the mobilisation of patient capital essential for the long-term structural transformation of the Nigerian economy. NAN