The Nigerian Exchange Limited (NGX) has posted a strong performance over the three-year period of President Bola Tinubu’s administration, from May 29, 2023 to May 29, 2026, with investors reaping significant gains driven by improved corporate earnings and higher dividend payouts from listed companies.

Data from the exchange showed that the NGX AllShare Index (ASI) surged by 374.05 per cent within the period, rising from 52,973.88 basis points in May 2023 to 251,125.02 basis points as of May 29, 2026. The rally reflects a sustained bullish trend driven by strong earnings growth, portfolio rebalancing, and increased participation by institutional investors.

Similarly, the market capitalization expanded significantly by N132.138 trillion, climbing from N28.845 trillion to N160.983 trillion over the three-year period, shows the scale of wealth creation in the equities market. A key driver of the market’s performance has been the improved financial results of listed companies, particularly across the banking, consumer goods, industrial, and oil and gas sectors.

Many firms posted robust revenue growth, largely supported by inflation-driven pricing adjustments, foreign exchange gains, and improved operational efficiencies.

This earnings momentum translated into higher dividend payouts, with several blue-chip companies increasing their dividend yields to attract investors in a high-interest-rate environment.

The NGX AFR Dividend Yield Index, which closed at 38,287.56 points, reflects the strong income returns available to investors, particularly from banking and industrial stocks. However, the period was not without challenges. Rising operating expenses, driven by inflationary pressures, higher energy costs, and currency depreciation, weighed on corporate margins.

Companies across sectors reported increased cost of sales, administrative expenses, and finance costs, prompting many to adopt cost-optimisation strategies to sustain profitability.

Despite these headwinds, the banking sector remained resilient, benefiting from higher interest rates and improved net interest margins, as reflected in the NGX Banking Index, which stood at 2,418.81 points. Similarly, the NGX Premium Index and NGX 30 Index, which track the performance of fundamentally strong and highly capitalised companies, closed at 28,170.28 points and 9,109.20 points respectively, indicating sustained investor confidence in market leaders.