Nigeria is officially the best-performing stock market in Africa right now, riding on the back of a strong naira, foreign investor appetite, and a bull market run to become the continent’s top performer in 2026.

BusinessDay analysis of the data from African Markets, a real-time market intelligence platform, showed the benchmark index gained 34.4 per cent in dollar terms year-to-date as of February 20, 2026.

Nigeria’s NGX up 34.4% in United States dollar terms leads the rankings.

Analysts see more upside for undervalued stocks.

The top 10 best-performing African stock markets in dollar terms as of February 20, 2026, are Nigeria at 34.4 per cent, Tanzania at 33.4 per cent, Zimbabwe at 31.9 per cent, Ghana at 28.6 per cent, Egypt at 21.7 per cent, Zambia at 19.5 per cent, Uganda at 18.1 per cent, BRVM at 16.7 per cent, Kenya at 12.4 per cent, and Namibia at 12.4 per cent.

“Nigeria is officially the BEST performing stock market in Africa right now, and the Naira is the world’s SECOND-best performing currency this year, among those tracked by Bloomberg.”

The naira has strengthened significantly, gaining more than 7 per cent against the U.S. dollar in 2026.

Bloomberg reports confirm the naira as the world’s second-best performing currency this year among those tracked, underpinning the stock market gains by reducing currency drag and boosting investor confidence.

The rally reflects recovery from prior pressures, with NGX market capitalization crossing ₦125 trillion and approaching higher levels in recent trading.

Gains have come from broad momentum in sectors including banking, industrials, and telecoms, with major contributors such as MTN Nigeria and Dangote Cement.

The performance signals renewed investor optimism in Nigeria’s equities, though global volatility and commodity price shifts remain potential risks.