April 1, 2026Nigerian investors in the stock market have every reason to smile right now. In the first quarter of 2026 alone,
the equities market delivered a massive net capital gain of about ₦29.17 trillion — that’s almost as much as the entire gains recorded for the whole of 2025.According to data from the Nigerian Exchange (NGX),
the market closed the quarter with a strong year-to-date return of 29.35%. This means investors saw their wealth grow significantly in just the first three months of the year, already more than half of last year’s full-year performance.
The All-Share Index (ASI), which tracks the overall performance of stocks on the exchange, jumped from 155,613.03 points at the start of the year to 201,287.78 points by the end of March. At the same time, the total market value of all listed companies rose from ₦99.376 trillion to ₦129.210 trillion.
This impressive rally has pushed Nigeria into the ranks of the top three best-performing stock markets in the world so far this year, further cementing its position as one of the leading frontier markets globally
Experts say the strong performance was driven by renewed confidence among both local and foreign investors. Key factors included a more stable foreign exchange market, gradually falling inflation, better-than-expected corporate earnings, and attractive dividend payouts that encouraged people to put more money into stocks.
For example, big companies like Unilever Nigeria reported impressive results for 2025, with turnover growing 43% to ₦214 billion and net profit more than doubling from ₦15 billion to ₦32 billion. Cadbury Nigeria also bounced back strongly, turning a loss into a profit of ₦8.97 billion.Temi Popoola, Group Managing Director of the Nigerian Exchange Group, described the performance as a clear sign of growing trust in Nigeria’s economy.
He credited ongoing government reforms under President Bola Tinubu for boosting domestic capital formation and attracting more investment.“
The real test of reforms is how local investors and companies respond,” Popoola said. “Local capital is playing a very strong role now. Markets are up, companies are raising fresh capital, retail investors are coming back, and corporate governance is improving.”Analyst Aruna Kebira of Globalview Capital Limited also pointed to strong company fundamentals — especially in manufacturing — and
the positive impact of stable forex and lower inflation. He expressed optimism that the ongoing banking recapitalisation exercise could give banking stocks even more momentum in the coming months.Overall, the first quarter of 2026 has been a bullish one for the Nigerian capital market,
with many seeing it as evidence that economic reforms are beginning to yield visible results for everyday investors.What’s your take — are you invested in the stock market, or planning to jump in while the momentum is strong?