The Nigerian stock market achieved an unprecedented milestone in the first quarter of 2026, recording a staggering N29.8 trillion gain. This remarkable growth marked the largest quarterly increase in the market’s history, fueled by sustained investor interest across major sectors and a backdrop of improving macroeconomic indicators.
According to data from the Nigerian Exchange (NGX), market capitalization surged from N99.376 trillion at the start of the year to N129.210 trillion by March 31, 2026. Similarly, the NGX All-Share Index jumped 29.35% year-to-date, climbing from 155,613.03 points at the end of 2025 to 201,287.78 points. Analysts attribute this performance to both domestic and institutional investors seeking higher yields amid declining returns in fixed-income investments.
Sector performance mirrored this bullish trend, with the NGX Oil & Gas index leading the rally with a 63.93% gain. Industrial Goods followed with a 55% increase, while the NGX Lotus II index rose by 47.25%. Other sectors, including Banking, Consumer Goods, Pension, and Insurance, also recorded positive gains, reflecting broad-based optimism in the market.
Market experts credit the rally to a combination of stable foreign exchange rates, moderating inflation, and improving corporate earnings. Temi Popoola, CEO of Nigerian Exchange Group, described the record as a testament to growing confidence in Nigeria’s capital market. “Ongoing reforms are strengthening domestic capital formation, and the market is responding positively,” Popoola said, highlighting the role of increased local investor participation and market modernization.
Looking ahead, investment firms predict a selective and phased growth trajectory for the rest of 2026. While the strong first-quarter performance sets a solid foundation, factors such as banking sector recapitalization, policy reforms, and pre-election dynamics are expected to shape market movements. Stakeholders remain optimistic that sustained investor confidence and continued corporate performance will drive further gains.
source: Leadership