Nigerian Stock Market Performance Challenges Economic Claims

An essay titled ‘Tinubu’s Fake Economic Theory and The Stock Market: Why His Booming Economic Claim Is Delusion of Grandeur’ critiques the Nigerian stock market's rally, suggesting it is an illusion caused by naira devaluation. The argument posits that if the naira were devalued by 200%, dollar-linked assets would appear more valuable in local currency without real economic growth.

The Nigerian Exchange All-Share Index was reported as the best-performing equity index globally in dollar terms on 10 July 2026, with a 67% year-to-date increase, surpassing South Korea’s KOSPI. By 14 August, it ranked third among 92 markets, up 65.23% in dollars.

The naira appreciated approximately 4% against the dollar in 2026, indicating that currency movements are now enhancing international returns rather than diminishing them. The critique questions the existence of devaluation, as the market's performance contradicts the notion of mere currency arithmetic.