Nigeria Looks To Sustain NGX Rally In 2026 As Reforms Deepen And Policy Risks Test Investor Confidence
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Nigeria entered 2026 with its capital market at a turning point, after a strong bull run shifted attention to whether gains can be sustained and translate into broader economic growth.
The NGX All‑Share Index reached an all‑time high of 165,837.33 points on Jan. 13, 2026, extending a rally that delivered a 51.2% return in 2025.
Market capitalisation rose from N62.8 trillion to about N100 trillion within 12 months, placing Nigeria among the stronger-performing equity markets over that period.
The rally was supported by a mix of macro stabilisation and reforms, including a shift away from aggressive monetary tightening in early 2025, improved foreign-exchange stability, a move from T+2 to T+1 settlement in December 2025, and the Investment and Securities Act (ISA) 2025.
Market participation broadened across sectors, with gains extending beyond a small group of large stocks, while foreign portfolio inflows and increased retail participation via digital channels added liquidity and depth.
The outlook for 2026 also depends on capital formation, with the NGX facilitating about N6.49 trillion in capital raising in 2025 across equity and fixed-income instruments, including more than N2.5 trillion raised by banks ahead of a March 2026 recapitalisation deadline.
Risks cited include policy uncertainty and a tougher global backdrop, while priorities include predictable fiscal policy, continued macro stability, deeper market supply through potential landmark listings, and sustained regulatory coordination to anchor longer-term investment.
