‘Policy consistency needed to retain top stock market ranking’
Chairman of the Alliance for Economic Research and Ethics (AERE), Dele Oye, said Nigeria would need to maintain policy consistency, deepen market liquidity and strengthen investor confidence to sustain its position as the world’s best-performing stock market,
His advice came after the Nigerian Exchange (NGX) recorded a 228 per cent rise in market capitalisation over three years and came out of the first half (H1) as the best performing market in dollar terms.
Oye attributed the sustained rally partly to the macroeconomic reforms introduced by the administration of President Bola Tinubu since May 2023, particularly the removal of petrol subsidy and the unification of the foreign exchange market.
While acknowledging the immediate economic costs of the reforms, including a surge in inflation that peaked at 34.8 per cent in December 2024, Oye argued that the government’s decision to maintain its reform direction had helped create the conditions for subsequent disinflation.