Dele Oye: How Nigeria Can Sustain Position as World’s Best-performing Stock Market

Nigeria's stock market has achieved a remarkable turnaround, becoming the world's best-performing equity market, a feat previously considered improbable.

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Three years ago, if you had told a seasoned investment banker that Nigeria’s stock market would become the world’s best-performing equity market, outpacing the United States, Europe, and even Asia, they would have laughed you out of the room.

Dele Oye, former National President of the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), highlighted the dramatic rise in market capitalization from approximately N30 trillion in 2023 to N158.3 trillion today. This surge represents a 228% increase in less than three years, with the Nigerian Exchange (NGX) All-Share Index climbing from around 74,800 points to 245,209 points.

Oye attributes this significant shift in investor perception to the economic reforms initiated by President Bola Ahmed Tinubu's administration. He noted that despite the initial pain caused by politically sensitive decisions like the removal of fuel subsidies and the unification of exchange rates, which led to a spike in inflation, the government's commitment to staying the course has begun to yield positive results.

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This is what happens when a government actually reforms its economy.

To maintain this leading position, Oye stressed the importance of continued economic reforms, improved corporate governance, stronger institutional participation, and policies that support long-term investment. He urged the federal government to ensure policy consistency and deepen market liquidity to sustain investor confidence and Nigeria's standing on the global financial stage.

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Ordinary Nigerians suffered. But here is the crucial point: the government stayed the course. It did not reverse course. It did not panic. It did not blame exter