Nigerian equities maintain delivered the world’s second-ideal dollar returns this yr, rising 31 percent in 2026 and recovering about $21 billion in market cost lost after the naira devaluation in 2024.
Market capitalisation on the Lagos trade has climbed to about $84 billion, roughly 58 percent increased than ranges recorded sooner than the currency collapse.
Bloomberg reported on Tuesday that Nigeria’s benchmark index has surged 31 percent this yr.
“The rally a long way outpaces the 11% gain in the broader emerging-market index and the 6.4% come in a gauge of frontier-market stocks,” the publication said.
Analysts attributed the gains to improved corporate earnings, a extra impregnable naira and renewed investor self belief.
Olabode Williams, analyst at SBG Securities Ltd., said companies suffering from the naira’s fall maintain stabilised their balance sheets and returned to profitability.
“Companies hit by the naira’s fall maintain shored up their balance sheets and returned to profitability. Alternative investors are genuinely pricing in teach, and the market is responding positively,” he said.
“The rally exhibits that Nigerian equities are increasingly aesthetic to each local and international investors, especially after years of underperformance,” he added.
The naira has also bolstered, recording an even bigger than seven percent gain against the dollar this yr and ranking as the world’s second-ideal performing currency amongst those tracked by Bloomberg.
“Inventory gains maintain also been underpinned by a extra impregnable naira, now the world’s second-ideal performing currency this yr of those tracked by Bloomberg with an even bigger than 7% come against the dollar,” Bloomberg said.
International participation has risen alongside the rally, with information from the Nigerian Replace Group showing that non-Nigerian trading in local equities reached a 19-yr excessive in 2025.
Transactions by international investors tripled to N2.65 trillion ($1.97 billion) from N852 billion in the old yr.
Gloria Fadipe, analyst at CSL Stockbrokers Ltd., a unit of FCMB Group Plc, said the market could presumably perhaps exceed $100 billion this yr if predominant listings proceed.
“If these listings happen, we could presumably perhaps gape up to 34% capital gains this yr,” she said, referring to the planned listings of Aliko Dangote’s refinery and fertiliser plant.
Bloomberg said the rebound follows broader financial reforms, including the unification and liberalisation of the international-trade market under President Bola Tinubu.
“The devaluation changed into as soon as section of President Bola Tinubu’s push to unify and liberalise the international-trade market and bring in investment,” the notify said.
