Nigeria’s equities market began the year 2026 on a positive footing, with market capitalisation edging closer to the N100 trillion milestone.
The NGX All-Share Index rose by 0.57 percent on Friday, the first trading day of January 2026, gaining 879.40 points to close at 156,492.40.
Market capitalisation also advanced during the session, rising to N99.9 trillion.
Stocks opened the year higher despite holiday-thinned trading, as investors positioned themselves for a year expected to test market sentiment following the implementation of Nigeria’s new tax laws, which became effective on January 1.
Nigeria’s equities rally followed a strong performance in 2025, a year in which improved macroeconomic conditions and sustained reforms lifted valuations, liquidity and overall investor participation.
“The Nigerian equities market delivered strong performance in 2025, outperforming other local asset classes, driven by improved macroeconomic conditions, stronger earnings, higher dividends, and increased foreign participation.
“We remain constructive on equities in 2026, supported by ongoing reforms, improved investor confidence, and favourable yield dynamics. In the fixed income market, easing inflation and a more dovish policy stance supported receding treasury yields. Our outlook is anchored on the dynamics of fiscal borrowings and liquidity movement,” Meristem research analysts said.
Trading on the Nigerian Exchange Limited closed on December 31, 2025, with Nigeria’s capital market ranked among the strongest-performing globally.
“We remain optimistic about the opportunities ahead and committed to positioning Nigeria’s capital market as a key driver of economic growth and wealth creation,” Temi Popoola, Chief Executive Officer of NGX Group, said.
He added that the Group aims to strengthen its role as Africa’s preferred exchange hub.
Looking ahead, NGX Group said it will prioritise deeper collaboration with regulators, issuers, market operators and policymakers.
The Group also said it will continue to invest in technology to sustain market momentum and broaden access for investors.
By the end of 2025, the NGX All-Share Index had risen by 51.19 percent to 155,613 points, compared with 102,926 points at the beginning of the year.
Total equity market capitalisation expanded by more than N36.6 trillion during the year.
Overall market capitalisation closed at N99.38 trillion, representing one of the largest absolute increases recorded across global equity markets in 2025.
Nigeria’s market performance compared favourably with major developed and emerging markets, where equity index returns generally remained below 25 percent.
The MSCI All Country World Index recorded gains of about 20 percent, highlighting the scale of Nigeria’s outperformance and the renewed attention it attracted from global investors.
The rally in 2025 reflected a combination of macroeconomic stabilisation and deliberate capital market reforms.
Nigeria’s economy recorded growth rates of 3.13 percent, 4.23 percent and 3.98 percent in the first three quarters of 2025.
Headline inflation slowed significantly to 14.45 percent in November 2025, down from 34.60 percent recorded a year earlier.
The naira also strengthened modestly over the year, closing at N1,448.03 to the dollar, compared with N1,538 at the beginning of 2025.
Market expansion was broad-based across asset classes.
As at December 31, 2025, equity market capitalisation stood at N99.38 trillion, equivalent to $68.74 billion.
The fixed income market reached N51.48 trillion, or $35.61 billion.
Exchange-traded funds recorded particularly strong growth, with market capitalisation rising to N45.55 billion, reflecting increasing product adoption and growing investor sophistication.
Trading activity also improved during the year.
Year-to-date equities turnover rose to N5.96 trillion.
Average daily value traded increased to N23.76 billion, supported by price appreciation, strong corporate earnings, banking sector recapitalisation, new listings and ongoing improvements to market structure.
