NGX ASI Surges 45.05% YtD, Ranks Second in Africa

As of April 24, 2026, the Nigerian Exchange (NGX) All-Share Index (ASI) has appreciated by 45.05% year-to-date (YtD), making it the second-best performing stock market in Africa, according to recent data. This growth follows FTSE Russell's reclassification of Nigeria from frontier market status on April 24, 2026.

The Ghana Stock Exchange Composite Index leads with a 69.59% YtD increase. The NGX's market capitalization has risen significantly to N145.334 trillion, a 46.25% increase YtD.

Analysts attribute this performance to recent foreign investor inflows and regulatory changes by the Pension Commission (PenCom) regarding pension fund investments. The Central Bank of Nigeria (CBN) has also implemented reforms to enhance the foreign exchange market's transparency.

Major stocks contributing to this growth include Aradel Holdings, Seplat Energy, and Dangote Cement. The Nigerian stock market's return to frontier market status is expected to improve market flow dynamics, with projected inflows ranging from N840 million to N1.42 trillion.