Nigerian stocks have delivered the world’s second-best dollar returns in 2026, climbing 31 per cent and recovering an estimated $21 billion in market value lost after the sharp naira devaluation in 2024.
Total market capitalisation on the Nigerian Exchange Group now stands at about $84 billion, roughly 58 per cent higher than before the currency’s collapse.
According to a report by Bloomberg on Tuesday, Nigeria’s benchmark index has surged 31 per cent this year, far outpacing the 11 per cent gain in the broader emerging-market index and the 6.4 per cent advance recorded by frontier-market stocks.
The naira has also strengthened, emerging as the world’s second-best performing currency this year, with a gain of more than seven per cent against the dollar.
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Bloomberg noted that stock gains have been underpinned by the firmer currency.
Foreign participation has risen significantly alongside the rally.
Data from the Nigerian Exchange Group show that non-Nigerian trading in local equities reached a 19-year high in 2025, with transactions tripling to 2.65 trillion naira ($1.97 billion) from 852 billion naira the previous year.
The rally follows broader economic reforms, including the naira devaluation introduced as part of President Bola Tinubu’s efforts to unify and liberalise the foreign-exchange market and attract investment.