Nigeria’s stock market began 2026 on a high note as the nation’s equities market capitalisation touched the N100 trillion mark amid positive trading activity. The NGX All-Share Index (ASI) rose 0.57% to 156,492.40 points, adding 879.40 points on the first trading day of the year, while market capitalisation climbed to N99.9 trillion.

Market operators welcomed the milestone, reflecting optimism about Nigeria’s financial landscape as investors anticipate reactions to the new tax laws effective from January 1, 2026.

Strong Momentum from 2025

Analysts from Meristem Research highlighted that the stellar performance in 2025 was driven by improved macroeconomic conditions, stronger corporate 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,” the analysts noted.

Trading on the Nigerian Exchange Limited (NGX) closed 2025 with remarkable gains, placing Nigeria among the world’s strongest-performing capital markets. By the end of 2025, the NGX All-Share Index had risen 51.19% to 155,613 points, up from 102,926 points at the start of the year. Total equity market capitalisation expanded by more than N36.6 trillion, marking one of the largest absolute increases globally.

Broad-Based Growth and Positive Indicators

The rally in 2025 was underpinned by macroeconomic stability and capital market reforms. Nigeria’s economy recorded growth of 3.13%, 4.23%, and 3.98% in the first three quarters of 2025, while headline inflation dropped sharply to 14.45% in November from 34.6% a year earlier. The naira strengthened modestly, closing at N1,448.03 to the dollar, compared with N1,538 at the start of the year.

Equity market turnover rose to N5.96 trillion, with the average daily value traded at N23.76 billion, supported by price appreciation, solid corporate earnings, banking sector recapitalisation, new listings, and market structure improvements. Exchange-traded funds also saw strong growth, reaching N45.55 billion in market capitalisation.

Government Praise and Future Outlook

President Bola Tinubu commended corporate Nigeria, citizens, and market stakeholders for surpassing the N100 trillion milestone. He encouraged Nigerians to deepen investments, emphasizing that 2026 would yield even greater returns as economic reforms continue to bear fruit.

“This performance ranks among the highest globally, outpacing the S&P 500, FTSE 100, and many emerging-market peers. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination for value creation,” President Tinubu said.

He also highlighted the broader economic impact of reforms, including lower inflation, rising non-oil exports, strengthened foreign reserves, and ongoing infrastructure projects like the Lagos-Calabar and Sokoto-Badagry superhighways.