Nigeria's Stock Market Gains N16.13 Trillion in April

Nigeria's stock market has shown remarkable resilience, gaining N16.13 trillion in just 24 days, with a market capitalization reaching N145.335 trillion. This growth, amounting to a 12.5% increase, is attributed to strong corporate earnings and Nigeria's reclassification by FTSE Russell from a frontier market status.

The new Minister of Finance, Taiwo Oyeleke, has expressed a commitment to sustaining ongoing policy reforms aimed at stabilizing the macroeconomic environment and enhancing revenue performance. The Nigerian Exchange (NGX) reported that the market capitalization crossed the N130 trillion mark amid renewed confidence from foreign investors.

Year-to-date, the market capitalization has appreciated by N45.96 trillion, reflecting a 46.25% increase. Oyeleke's remarks highlighted the importance of building on existing reforms to ensure impactful measures across key sectors of the economy.

He also acknowledged the contributions of former Minister Wale Edun and emphasized collaboration with the ministry's leadership to achieve the government's economic priorities.