Stock Market Rally Shows Improving Economy, Says Tinubu

President Bola Tinubu on Tuesday said the sustained rally at the Nigerian Exchange reflects growing investor confidence and the improving health of the Nigerian economy, as the Federal Government unveiled the National Industrial Policy 2025 in Abuja.

The President, who spoke at the official national launch of the policy themed ‘From productivity policy: ‘Implementing Nigeria’s industrial future’ noted that the strong performance of the stock market underscores the resilience of the country despite prevailing economic challenges.

Tinubu, who was represented at the event by Vice President Kashim Shettima, said, “Anyone following the trend in the Nigerian stock exchange would be overexcited.” For someone like me, I am even fascinated by the phenomenal rise in the value of stocks. Why? It is a reflection of the health of the Nigerian economy.

“A friend of mine called me yesterday out of fear that his stocks increased by N1.7 bn in value within 24 hours. That showed the vibrancy. Despite all the negativities, Nigeria is indeed a great nation.”

The event attracted top government officials, captains of industry, investors, and development partners, who gathered to witness the unveiling of the new industrial roadmap.

The Nigerian equities market has witnessed a sustained bullish run over the past year, driven by economic reforms, foreign exchange market adjustments, rising corporate earnings, and renewed investor interest.

The rally has also been supported by pension fund investments, local institutional investors, and improved liquidity, making the stock exchange a major barometer of economic confidence.

Speaking further, Tinubu stressed that the administration was determined to reposition Nigeria as a competitive industrial economy.

“To occupy more than the margins in this wave of industrial revolution, we must set up the infrastructure to compete with the rest of the world. To compete, we must first plan. And I am excited to share the promise of this day as we unveil the Nigeria Industrial Policy 2025,” he said.

According to him, the policy was the product of deep reflection and consultations with stakeholders across the country.

“This policy is a product of thorough introspection and a roadmap for re-engineering our industrial base, unlocking value across sectors and placing production, competitiveness and jobs at the centre of Nigeria’s economic strategy,” he stated.

“For too many years, we have contended with fragmented value chains, high production costs, infrastructure gaps, policy inconsistencies and insufficient coordination between government and industry. This stops now.

“Industrialisation is not a wish you think about. It is an action you perform.”

Tinubu said the policy aligns with macroeconomic reforms, trade ambitions under the African Continental Free Trade Area, and the government’s local content and export diversification agenda.

“It advances value chain development so that Nigeria moves steadily from exporting raw materials to producing finished goods. It integrates our micro, small and medium enterprises into the heart of industrial growth because prosperity must not be exclusive.

“It aligns infrastructure and energy with industrial ambition, for factories cannot run on policy alone,” he added.

He noted that the policy also prioritises skills, technology, and innovation while focusing strongly on implementation.

“The defining strength of this policy is its insistence on implementation. This administration will not measure success by the number of documents we produce. It will measure success by the number of factories opened, by the jobs created for our young men and women, by the exports that leave our coasts bearing the mark of Nigerian excellence and by the value retained within our economy,” he said.

Tinubu emphasised the central role of the private sector in driving economic growth, saying the government would create a conducive environment for businesses.

“The government has no business being in business. You are the creators of wealth. We are mighty proud of manufacturers in this country who are here in spite of all the challenges. You are literally generating your own power,” he said.

He commended industrialists, particularly Aliko Dangote, for their contributions to the economy: “In 2025, the Dangote industries, the cement sector alone, paid us N900 bn in taxes. This is how economies grow. This is how we create jobs.”

Earlier, the Minister of State for Industry, Trade and Investment, John Enoh, highlighted the impact of the government’s ban on the export of raw shea nuts as an example of disciplined industrial policy.

He noted, “In August 2025, Mr President took a difficult but necessary decision: the prohibition of the export of raw shea nuts.” At the time, many doubted the wisdom of that decision. But leadership is not measured by convenience; it is measured by conviction.

“The West African region accounts for nearly 95 per cent of global shea nut production, and Nigeria alone accounts for almost half. Yet before 2025, nearly all of it left our shores in raw form. The global shea industry is valued at over $6.5 bn, but Nigeria captured barely one per cent of that value. We exported jobs. We exported industry. We exported opportunity.”

Enoh said the policy had transformed the sector, boosting local processing and farmers’ incomes.

“Today, Nigeria is no longer primarily an exporter of shea nuts. Nigeria is an exporter of shea butter. Crushing capacity now approaches 300,000 metric tonnes annually, while farmer incomes have risen significantly. Shea butter exports increased by 250 per cent within one year,” he said.

“This policy did not only create factories. It created dignity in rural communities. It created industrial jobs. It created national confidence.”

Also speaking during a fireside chat, the Group Managing Director and Chief Executive Officer of Flour Mills of Nigeria, Boye Olusanya, said the policy would accelerate investments across sectors.

“We have been here long-term, and we are long-term players in Nigeria. But this policy will accelerate investment decisions. What we will see is additional investment because clarity and predictability drive confidence,” he said.

Nigeria’s manufacturing sector has long struggled with poor electricity supply, high production costs, infrastructure deficits, limited access to finance, and policy inconsistencies. These challenges have constrained industrial growth and contributed to heavy reliance on imports.

The new policy builds on previous efforts such as the Nigeria Industrial Revolution Plan introduced in 2014 but seeks to address gaps in implementation and coordination.

Manufacturers insisted that a successful execution of the roadmap could boost productivity, expand exports, deepen value chains, and reduce unemployment in Africa’s largest economy.

Tinubu expressed optimism that Nigeria could leverage its youthful population and large market to drive industrial transformation.

“The average age of the Nigerian nation is 16.9. We are the global workforce. Africa is a young continent. “If we unite behind this vision and pursue it with discipline, Nigeria’s industrial future is an achievable reality,” he said. “The work begins now. Not tomorrow. Not next year. Now.”