Nigeria's Capital Market Achieves Record Rally in 2026, Driven by Structural Reforms

In January 13, 2026, Nigeria's capital market witnessed an extraordinary rally as the Nigerian Exchange (NGX) All-Share Index reached a record high of 165,837.33 points, delivering a 51.2% return in 2025. The market capitalization expanded to N62.8 trillion, nearing N100 trillion within a year, positioning Nigeria among the world's best-performing equity markets.

The rally was not solely driven by speculation but anchored on macroeconomic stability, institutional reforms, and regulatory coordination. Structural drivers of the bull market included a shift in monetary policy towards tightening to curb inflation, improve risk appetite, and redirect portfolio flows towards equities.

The market breadth was notable, with a spread of performance across multiple sectors, including consumer goods, insurance, and banking. The market's sustained rally was crucial for supporting economic activities, with the NGX facilitating significant capital raises across equity and fixed-income instruments, enhancing the financial system's resilience and lending capacity.