Sunday Aborisade in Abuja
The Senate Committee on Capital Market has described Nigeria’s emergence as the world’s best-performing stock market in the U.S. dollar terms as a landmark achievement that reflects growing global confidence in the country’s economic reforms and the resilience of its capital market.
This is contained in a statement on Tuesday in Abuja by the Chairman of the Panel, Senator Osita Izunaso.
He said the latest Bloomberg ranking, which placed Nigeria ahead of South Korea after posting a 67 per cent dollar-denominated return this year, represents a major vote of confidence in the reform agenda of President Bola Ahmed Tinubu and the ongoing transformation of the Nigerian capital market.
According to him, the achievement is not accidental but the outcome of deliberate fiscal, monetary and regulatory reforms that have restored investor confidence, strengthened market institutions, and repositioned Nigeria as an attractive investment destination.
Izunaso, who is representing Imo West in the upper chamber, said: “Nigeria’s emergence as the world’s best-performing stock market in dollar terms is a defining moment in our nation’s economic journey. It is a powerful endorsement of the bold reforms being implemented by President Bola Ahmed Tinubu and the diligent work of our financial regulators and market operators.”
Izunaso applauded the Securities and Exchange Commission (SEC), the Nigerian Exchange Group (NGX Group), the Central Securities Clearing System (CSCS), the Central Bank of Nigeria (CBN), market operators and all stakeholders for sustaining reforms that have improved transparency, strengthened investor protection and enhanced the integrity of the Nigerian capital market.
He noted that Nigeria’s impressive performance had been driven by improving macroeconomic fundamentals, greater foreign exchange liquidity, renewed investor confidence, and sustained efforts to modernise market infrastructure.
“The appreciation of the naira, improved foreign exchange liquidity, stronger market regulation and enhanced transparency have combined to create an investment climate that is attracting both domestic and foreign capital. This is exactly the direction every emerging economy should aspire to.”
Izunaso described the decision by S&P Dow Jones to place Nigeria on its 2027 Country Classification Watchlist for possible promotion from a Standalone Market to a Frontier Market as another significant milestone that demonstrates increasing international recognition of Nigeria’s progress.
He said: “Being placed on the S&P Dow Jones Watchlist is not merely symbolic. It is evidence that respected global institutions are acknowledging the substantial progress Nigeria has made in market regulation, accessibility, transparency and operational resilience. It confirms that our capital market reforms are gaining global credibility.”
Izunaso also welcomed the strong rebound recorded by the Nigerian Exchange, where market capitalisation recently rose by over N3.4 trillion in a single trading session, while the All-Share Index climbed significantly, saying the development reflected renewed investor optimism.
According to him, the remarkable performance of listed financial institutions and other blue-chip companies underscores the depth and resilience of the Nigerian capital market.
“The Nigerian capital market is increasingly demonstrating its capacity to mobilise long-term capital for economic growth, infrastructure development, industrial expansion and job creation.
“A vibrant capital market remains indispensable to sustainable national development,” he said.
The federal lawmaker said the Senate Committee on Capital Market would continue to initiate, promote and actualise legislative inventiveness aimed at deepening the market, strengthening investor confidence, and ensuring that Nigeria remains competitive among leading emerging economies.
While acknowledging concerns expressed by some analysts that stock market gains must ultimately translate into broader economic benefits, Izunaso remarked that such observations should be viewed as constructive reminders rather than reasons to diminish the significance of the country’s achievement.
He said: “The concerns about ensuring that market growth translates into improved living standards are legitimate and should encourage us to deepen economic reforms.
“However, we must not overlook the significance of this achievement. Strong capital markets create opportunities for investment, business expansion, employment generation, and national wealth creation. These are essential foundations for inclusive economic growth.”
He stressed that sustained policy consistency would be critical to maintaining investor confidence and consolidating the gains already recorded.
“This is not the destination but an important milestone. We must remain committed to policy stability, regulatory excellence, and continuous reforms that will strengthen our financial markets and expand opportunities for Nigerian businesses and investors,” he added.
Izunaso expressed confidence that with sustained collaboration among the executive, legislature, regulators, and private sector operators, Nigeria’s capital market would continue to attract global investments and play greater roles in accelerating economic transformation.
“Nigeria is proving that with courageous leadership, sound regulation, and disciplined implementation of reforms, our economy can compete successfully on the global stage. We must sustain this momentum for the benefit of present and future generations,” he added.
