By Peter Egwuatu
Nigeria’s equity market climbed to a new high, yesterday, extending its rally on the back of broad economic reforms and improving investor sentiment. Â
The NGX market capitalisation chasing a N100 trillion mark closed on Thursday at N98.059 trillion, while All-Share Index (ASI) advanced 0.49 per cent to close at 154,489.90 basis points from 153,456.91 points.
The index has now gained 50.10 per cent year-to-date, underscoring the strength of demand in blue-chip stocks across key sectors.
The market’s advance underscores renewed investor confidence and the resilience of Nigeria’s capital markets amid a shifting macroeconomic environment.
Analysts noted that the rally reflects sustained demand for blue-chip stocks in the banking, industrial, oil and gas, and consumer goods sectors, a trend buoyed by reform-led optimism, improving foreign exchange liquidity, and a more stable economic outlook.
The rebound coincides with a broader policy reset that has redefined Nigeria’s economic outlook.
Analysts say the measures such as the liberalisation of the naira, the removal of fuel subsidies, and closer coordination between fiscal and monetary authorities have begun to restore a degree of macroeconomic stability, even as inflation remains elevated.
These themes dominated discussions at the Financial Times Africa Summit 2025 in London, where Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, joined a panel titled “Nigeria’s Economic Journey: Crisis, Recovery, and Risk.”
Popoola noted that much of the market’s resilience can be traced to a “wave of coordinated reforms” that has rebuilt confidence in the country’s financial architecture.
“The strength we’ve seen in the market has been driven largely by reforms, from the President’s economic agenda to decisive actions by the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), PENCOM, and other regulators. These efforts have created the right foundation for investor confidence and renewed market activity,” he added.
Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), echoed similar sentiment, pointing to the Investments and Securities Act 2025 as a turning point for governance and regulatory transparency in the market.
“The new law was crafted to reflate the economy by providing clarity, certainty, and discipline in our markets. Robust regulation has been central to restoring market integrity and investor trust, providing the transparency required to anchor long-term capital formation in Nigeria,” Agama said.
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