Nigeria’s stock market continued its upward momentum this week, hitting a new all-time high as investors responded positively to ongoing economic reforms and improved policy coordination. The Nigerian Exchange Limited All-Share Index (NGX ASI) climbed 1.01% on Tuesday to close at 151,456.91 basis points, lifting total market capitalization to ₦96.13 trillion. This surge extends the NGX’s impressive 47.2% year-to-date gain, cementing Nigeria’s place among Africa’s fastest-growing equity markets.
The rally, analysts say, is being powered by investor confidence in the government’s reform agenda. Sectors such as banking, oil and gas, industrials, and consumer goods have seen renewed buying interest, supported by improved foreign exchange liquidity and a more stable macroeconomic outlook. Market watchers also link the rebound to the Central Bank of Nigeria’s decisive policy actions and improved fiscal-monetary coordination.
Nigeria’s ongoing economic transformation—including the liberalisation of the naira, removal of fuel subsidies, and introduction of the Investments and Securities Act 2025—has reshaped investor sentiment. Speaking at the Financial Times Africa Summit 2025 in London, NGX Group CEO Temi Popoola highlighted how coordinated reforms have bolstered market resilience. “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 CBN, SEC, and PENCOM,” he said.
Emomotimi Agama, Director General of the Securities and Exchange Commission, emphasized that the new Investments and Securities Act was designed to strengthen governance, enhance transparency, and rebuild investor trust. “Robust regulation has been central to restoring market integrity and creating the right foundation for long-term capital formation,” Agama stated, reaffirming the SEC’s commitment to maintaining market discipline.
Looking ahead, experts agree that Nigeria’s next challenge lies in turning these financial market gains into inclusive economic growth for households and businesses. As Patience Oniha of the Debt Management Office and Will Straw of King’s Trust International noted, sustaining reform momentum and deepening private sector participation will be critical to ensuring that the benefits of Nigeria’s market rebound reach the broader economy.
source: This day