Nigerian stock market could exceed 200 trillion naira by end-2026
By the AFREEQUE newsroom, based on Vanguard
The Nigerian stock market’s capitalisation could exceed 200 trillion naira by December 2026, with returns above 57%, according to analysts cited by Vanguard. The listing of Dangote Petroleum Refinery and the 2027 election are the main factors.
The Nigerian stock market’s capitalisation could exceed 200 trillion naira by December 2026, with investor returns above 57%, according to market analysts’ projections cited by Vanguard. They are banking in particular on the listing of Dangote Petroleum Refinery, coupled with increased investor confidence, strong corporate earnings, rising liquidity and favourable macroeconomic conditions.
Analysts expect the Nigerian Exchange Limited (NGX) All-Share Index (ASI) to close the year at around 280,000 points. Some warn, however, that profit-taking, uncertainties linked to the 2027 general election and developments in the global economy could cause periods of volatility, while judging the impact of the vote to be limited in the absence of major economic policy changes.
Since the beginning of the year, investors’ wealth has increased by 62.76 trillion naira, or 60.47%, with market capitalisation rising from 99.376 trillion naira to 162.134 trillion naira last week. The ASI has risen by 60.5%, from 155,613.03 to 249,710.59 points, driven by stability in the foreign exchange market, slowing inflation and the decision by the Central Bank of Nigeria’s Monetary Policy Committee to cut its policy rate to 23%.
Olatunde Amolegbe, former president of the Chartered Institute of Stockbrokers and managing director of Arthur Stevens Asset Management, said he was “cautiously optimistic” and expected an annual ASI return of about 57.65%. This projection follows a 3.52 trillion naira loss in one week on the Nigerian stock market.
