Nigeria’s equity market climbed to a new high yesterday, extending its rally on the back of broad economic reforms and improving investor sentiment.

The NGX market capitalisation, chasing a ₦100 trillion mark, closed on Thursday at ₦98.059 trillion, while the All-Share Index advanced 0.49 per cent to close at 154,489.90 basis points from 153,456.91 points.

The index has now gained a staggering 50.10 per cent year-to-date, underscoring the strength of demand in blue-chip stocks across key sectors.

This market advance reflects renewed investor confidence and the resilience of Nigeria’s capital markets amid a shifting macroeconomic environment.

Analysts noted that the rally reflects sustained demand for blue-chip stocks in the banking, industrial, oil and gas, and consumer goods sectors, a trend buoyed by reform-led optimism, improving foreign exchange liquidity, and a more stable economic outlook.

The market rebound coincides with a broader policy reset that has redefined Nigeria’s economic outlook.

Analysts contend that measures such as the liberalization of the Naira, the removal of fuel subsidies, and closer coordination between fiscal and monetary authorities have begun to restore a degree of macroeconomic stability, even as inflation remains elevated.

These themes dominated discussions at the Financial Times Africa Summit 2025 in London, where Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, joined a panel titled “Nigeria’s Economic Journey: Crisis, Recovery, and Risk.”

Popoola noted that much of the market’s resilience can be traced to a “wave of coordinated reforms” that has successfully rebuilt confidence in the country’s financial architecture.

He credited the multi-agency approach, stating: “The strength we’ve seen in the market has been driven largely by reforms, from the President’s economic agenda to decisive actions by the Central Bank of Nigeria, Securities and Exchange Commission, PENCOM, and other regulators. These efforts have created the right foundation for investor confidence and renewed market activity,” he added.

Emomotimi Agama, Director General of the Securities and Exchange Commission, echoed a similar sentiment, pointing to the Investments and Securities Act 2025 as a turning point for governance and regulatory transparency in the market.

Agama affirmed the positive legislative impact, stating: “The new law was crafted to reflate the economy by providing clarity, certainty, and discipline in our markets. Robust regulation has been central to restoring market integrity and investor trust, providing the transparency required to anchor long-term capital formation in Nigeria.”