A Market Reawakened

Nigeria’s equity market closed 2025 with a performance that few would have confidently predicted two years earlier. The NGX delivered a year-to-date return of just over 50 percent, its strongest showing in five years and among the best-performing markets on the continent. This rally was not simply a rebound from a low base; it reflected a deeper shift in how investors now view Nigerian equities. Faced with persistently negative real returns in fixed income, investors rotated decisively toward equities as

A Market Reawakened

Nigeria’s equity market closed 2025 with a performance that few would have confidently predicted two years earlier. The NGX delivered a year-to-date return of just over 50 percent, its strongest showing in five years and among the best-performing markets on the continent. This rally was not simply a rebound from a low base; it reflected a deeper shift in how investors now view Nigerian equities. Faced with persistently negative real returns in fixed income, investors rotated decisively toward equities as