Toba Owojaiye In Abuja
Early signs indicate that the Tinubu government is resonating positively with investors and the economic sphere. Following Tinubu’s inauguration, the Nigerian stock market kicked off the week with a bullish trend, as investors showcased confidence in his administration.
This optimistic market sentiment has even led to the term “Tinubull” being coined.
Remarkably, Bola Tinubu’s stock performance within his first 24 hours in office is the strongest seen in 24 years. This achievement has been acknowledged as a significant milestone. President Tinubu’s inaugural speech addressed critical economic concerns, placing emphasis on the necessity to capture fuel subsidy in the 2023 budget and committing to work towards a unified exchange rate.
These statements instilled investor optimism and bolstered confidence in the administration’s economic policies and reform agenda.
Tuesday’s impressive stock market start under President Tinubu’s leadership sets a positive tone for Nigeria’s economic outlook. According to data from a reputable source, Tinubu’s first 24 hours in office yielded a stock performance of 5.22%, surpassing the growth witnessed during the initial 24 hours of previous administrations since Nigeria’s return to democracy in 1999.
However, it remains to be seen whether this economic success story from Lagos can be replicated on the national stage.
On the flip side, the president’s comments regarding the removal of subsidies stirred up a frenzy. Fuel queues quickly formed, and filling stations promptly raised their prices.
In fact, some have already begun redirecting subsidized fuel to their storage facilities instead of supplying it to filling stations.
This mixed impact on the president’s first day signifies his need to address two distinct audiences: investors and the masses. It highlights the profound influence that the president’s words and body language have on the nation as a whole, where even minor actions can have significant ripple effects.
Indeed, when the president sneezes, the nation catches a cold.