Dele Oye: How Nigeria Can Sustain Position as World’s Best-performing Stock Market
*Urges FG to ensure policy consistency, deepen market liquidity * Market value rises 228% from N30tn to N158tn in 3 years Emmanuel Addeh in Abuja Erstwhile National President of the
Dele Oye, the former National President of NACCIMA and Chairman of AERE, has emphasized that sustaining Nigeria's position as the world's best-performing stock market requires policy consistency, increased market liquidity, and stronger investor confidence. The Nigerian Exchange (NGX) has surged 228% in market value from N30tn to N158tn over the past three years, surpassing major global indices like the KOSPI and S&P 500.
Oye attributes this remarkable growth to the government's tough decisions, including the removal of fuel subsidies and unified exchange rate windows, which initially caused market distress. However, despite inflation spiking to 34.8% in December 2024, the government maintained its course, resulting in improved macroeconomic fundamentals.
Oye identified four key factors contributing to the bull run: banking recapitalisation, strategic listings, currency dynamics, and oil prices. He stressed that the Nigerian market's success is not just about stocks but rather the power of policy consistency, which has helped break the cycle of policy whiplash and uncertainty that previously deterred investment and growth.
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