Nigeria’s stock market maintains upsurge amid Edun’s fiscal policy assurance

By Peter Egwuatu

The Nigerian stock market consolidated its upsurge on Thursday , as investors responded positively to reassurances from the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, regarding the government’s position on Capital Gains Tax (CGT) in the capital market.

The clarification helped restore confidence across the investment community, reversing the

Tuesday trading’s sharp decline and fueling renewed optimism among institutional and retail investors alike.

Further bolstering investor sentiment were insights shared on X (formerly Twitter) by Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, who provided additional context on the government’s intent. He emphasized that the policy review was not designed to stifle market activity but to promote fairness, transparency, and sustainable growth within the capital market ecosystem.

Specifically,on Wednesday, the All-Share Index (ASI) surged by 2.88%, lifting the market’s year-to-date return to 41.27%, while equities market capitalization rose by N2.6 trillion to close at N92.48 trillion, compared to N89.88 trillion in the previous session. On Thursday, the market surged further, as investors gained over N1.003 trillion, with the market capitalisation, which represents total value of investment listed on the Exchange, closed at N93.480 trillion from N92.477 trillion the previous day.

Speaking on the development, Temi Popoola, GMD/CEO, NGX Group, said, “The rebound witnessed today reflects renewed investor confidence and underscores the inherent resilience of Nigeria’s capital market. Recent policy engagements and assurances from fiscal authorities are easing concerns and restoring momentum across key sectors. At NGX Group, our focus remains on constructive advocacy and deep policy engagement to ensure alignment between fiscal direction and market realities. This synergy is vital for unlocking sustainable growth, deepening liquidity, and connecting private capital with national development priorities. With continued collaboration and policy consistency, we are confident the market is well-positioned to close the year on a strong note.”

Also commenting, Jude Chiemeka, CEO, Nigerian Exchange Limited (NGX), noted that the day’s performance demonstrated the strength of Nigeria’s market operations, “Today’s strong rebound underscores the efficiency and responsiveness of our market infrastructure. The breadth of participation and surge in trading activity point to renewed investor appetite and growing confidence in the transparency and depth of our market operations. We remain committed to providing a world-class trading environment that supports liquidity, enhances efficiency, and facilitates seamless access to capital for issuers and investors alike.”

The rally follows a week marked by profit-taking pressures and macroeconomic uncertainties. However, the swift turnaround reinforces the Nigerian market’s resilience and its ability to respond positively to policy signals that foster clarity and investor trust.

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