Economic reforms driving market confidence - Temi Popoola
By Seun Ibiyemi
The Group Managing Director and Chief Executive Officer of the Nigerian Exchange Group (NGX Group), Temi Popoola, has credited Nigeria’s ongoing economic reforms for the renewed investor confidence and historic rally in the equities market, which has pushed market capitalization close to the N100 trillion mark.
Speaking at the Financial Times Africa Summit 2025 in London, Popoola said that the strength of the Nigerian capital market reflects the impact of “coordinated reforms” being implemented by key economic institutions under the current administration.
“The strength we’ve seen in the market has been driven largely by reforms — from the President’s economic agenda to decisive actions by the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), PENCOM, and other regulators,” he said.
“These efforts have created the right foundation for investor confidence and renewed market activity.”
Popoola’s remarks come as the NGX All-Share Index (ASI) climbed 1.50 percent on Wednesday to close at 153,736.25 basis points, while market capitalization rose to N97.58 trillion, marking a 49.37 percent gain year-to-date.
The surge highlights strong demand for blue-chip stocks across the banking, industrial, oil and gas, and consumer goods sectors.
The NGX GMD noted that reforms such as foreign exchange liberalization, fuel subsidy removal, and improved policy coordination between fiscal and monetary authorities have significantly reshaped Nigeria’s economic outlook, boosting market resilience despite inflationary pressures.
He emphasised that sustained collaboration between regulators and market operators has been central to restoring investor trust and deepening capital market participation.
Also, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, described the Investments and Securities Act 2025 as a “turning point” for regulatory transparency and governance in Nigeria’s markets.
“The new law was crafted to reflate the economy by providing clarity, certainty, and discipline,” Agama said. “Robust regulation has been central to restoring market integrity and investor trust.”
Other panelists, including Patience Oniha, Director-General of the Debt Management Office (DMO), and Will Straw, Chief Executive of King’s Trust International, stressed that the next phase of reforms must focus on translating macroeconomic stability into inclusive growth for households and businesses.