Nigerian Stock Market Gains N24.4tn in Two Months

The Nigerian stock market experienced a significant gain of N24.4 trillion over two months, attributed to robust corporate earnings and a strategic policy shift by the National Pension Commission (PenCom), which raised equity investment limits for pension funds. As of the close of trading on February 24, 2026, the total market capitalization of the Nigerian Exchange stood at N123.76 trillion, marking a 24.5% increase from N99.38 trillion at the beginning of the year.

The market peaked at N125 trillion on February 20, with January contributing N6.8 trillion to the increase and February delivering a pronounced gain of N17.61 trillion. Analysts noted that the market's resilience was supported by elevated liquidity ahead of the 2027 general elections, ongoing bank sector recapitalization, and improved foreign exchange stability.

The Nigerian Exchange Limited's All-Share Index closed at 192,826.78 basis points, reflecting a year-to-date growth of 23.9%. David Adnori and Aruna Kebira highlighted the positive investor response to corporate earnings and the shift from low-yield bonds to equities.