Nigeria’s St*ck Market Rockets To N30 Trillion

The Nigerian stock market achieved a historic milestone yesterday as the benchmark index for equities surpassed the 200,000-point mark, reflecting robust investor confidence. The market began 2026 at 155,613.03 points, and its continued rally has generated approximately N29.29 trillion in net capital gains year-to-date, representing a 29.47 per cent return.

The All Share Index (ASI), which tracks the performance of all quoted equities on the Nigerian Exchange (NGX), rose from 198,407.30 points to close at 201,474.89 points, while aggregate market value increased from N127.36 trillion to N129.33 trillion, up from N99.376 trillion at the start of the year.

Group Managing Director of NGX Group Plc, Temi Popoola, described the 200,000-point achievement as evidence of growing confidence in Nigeria’s capital market. Speaking at the Nigeria–United Kingdom Investment Roundtable in London, Popoola highlighted that ongoing reforms are strengthening domestic capital formation, attracting local investors, and improving corporate fundamentals. He also noted that structural reforms similar to those implemented in Indonesia, Brazil, and India are helping Nigeria mobilize capital and strengthen corporate balance sheets.

Popoola emphasized that local investors and corporates are increasingly responding to policy reforms, and that market performance reflects a positive trajectory for wealth creation and sustainable economic growth. He further acknowledged the strong collaboration between the Nigerian Exchange Group and the London Stock Exchange, which has facilitated cross-border capital raising.

NGX Limited CEO, Jude Chiemeka, attributed the milestone to sustained demand and active investor participation, noting that crossing the 200,000-point mark reflects strong engagement across key sectors. He reiterated the market’s focus on deepening liquidity, enhancing trading infrastructure, and supporting efficient price discovery.

President Bola Ahmed Tinubu, credited for fostering a pro-market environment, stated that the stock market’s growth reflects a fundamental shift in global perception of Nigeria’s economy. He assured that the government will maintain its support for capital market development and predicted stronger returns in 2026 as new listings from energy, tech, telecoms, and infrastructure firms expand market capitalization and democratize economic ownership.

Analysts project the bullish trend to continue, with average equities’ returns expected between 30 and 50 per cent. Afrinvest West Africa noted that disinflation, stronger forex inflows, a stable macroeconomic environment, and new listings could support a 40.9 per cent gain in the ASI. Cordros Capital Group projected a 34.9 per cent return, citing improved corporate earnings, attractive valuations, and easing policy measures. GTI Capital Group added that upcoming major listings, including Dangote Refinery, NNPC, Dangote Fertilizer Plant, and fintech company Flutterwave, could further deepen liquidity, diversify sectors, and enhance market depth.

Nigeria’s market has now recorded seven consecutive years of positive performance, breaking the pre-election-year downturn pattern previously observed. The ASI ranked among the top global performers in 2024 with a 37.65 per cent average return, and Nigerian equities have consistently delivered strong net capital gains over the past several years.