…Tinubu’s reforms driving capital market boom – TMSG
Afrinvest West Africa Limited has projected that Nigeria’s rebased Gross Domestic Product (GDP) must expand at an average of 21.95 percent annually, at an exchange rate of N1,500 per dollar, if the government is to achieve its $1 trillion economy target by 2031.
The projection was contained in the investment firm’s 20th Nigeria Banking Sector Report 2025, titled “ACT-BOLD: Beyond a Trillion Dollar Economy”, which was presented in Lagos during Afrinvest’s 30th anniversary celebrations.
Nigeria’s rebased nominal GDP currently stands at N372.8 trillion, and the report cautioned that without faster growth or a stronger exchange rate, the government’s target will remain out of reach. It warned that while the Tinubu administration is relying on the financial sector to spearhead expansion, long-standing structural barriers to inclusive growth must be dismantled.
The report also examined key monetary and banking sector developments. It noted that Central Bank Governor Olayemi Cardoso raised the benchmark interest rate by 875 basis points between February and November 2024, a move intended to rein in inflation and stabilise the naira.
On recapitalisation, Afrinvest estimated that Nigerian banks had raised more than N2.5 trillion through rights issues, public offers, and private placements by mid-2025. At least four institutions — Access Corporation, Zenith Bank, Ecobank, and Lotus Bank — have already met the new capital thresholds, with others expected to comply before the June 2026 deadline.
Speaking at the report launch, Afrinvest’s Group Managing Director, Dr Ike Chioke, described the company’s 30-year history as one of resilience, innovation, and leadership in Nigeria’s financial markets. He recalled how Afrinvest had navigated global and domestic shocks while remaining a trusted advisor to policymakers and investors.
Chairman Donald Lawson, represented by economist Prof Osita Ogbu, praised the company’s trajectory, noting that it had grown from a single Lagos office in 1995 to operations across five major Nigerian cities. Industry stakeholders described the 20th edition of the report as both a roadmap and a call to action for Nigeria’s economic future.
…Tinubu’s reforms driving capital market boom – TMSG
Meanwhile, the Tinubu Media Support Group (TMSG) has credited President Bola Tinubu’s economic reforms for the unprecedented surge in Nigeria’s capital market.
In a statement signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group noted that the Nigerian Stock Exchange (NSE) had achieved remarkable growth over the last 27 months, supported by pro-business policies that boosted investor confidence.
Citing official figures, TMSG said the All-Share Index (ASI) had almost tripled since May 2023, rising from 52,973.88 points and N28.845 trillion in market capitalisation on May 26, 2023, to 140,295.50 points and nearly N90 trillion by August 30, 2025.
“This is a quantum leap in stock market activities, and many analysts agree it is unprecedented, particularly given the backdrop of ongoing economic reforms,” the statement read.
The group referenced recent remarks by the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, who acknowledged that Tinubu’s policies had tripled trading volumes and values in just two years.
TMSG attributed the growth to key policy measures, including fuel subsidy removal, the harmonisation of foreign exchange windows, oil sector reforms, and the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
It added that forthcoming initiatives such as the implementation of the Investment and Securities Act 2025, the listing of the Nigerian National Petroleum Company Limited (NNPCL), and new tax laws would sustain the market’s momentum.
“With these reforms, Nigeria has positioned itself as a prime destination for large-scale investment, paving the way for the realisation of President Tinubu’s ambition to achieve a $1 trillion economy by 2030, or even earlier,” the statement concluded.