Nigeria’s equities market delivered an unprecedented performance in April 2026, recording its strongest monthly gain in history as renewed investor confidence, improved macroeconomic signals, and rising liquidity combined to push valuations to record levels.
Within the one-month period, market capitalisation on the Nigerian Exchange rose sharply by N26.784 trillion, moving from N129.210 trillion at the beginning of April to N155.994 trillion by April 30, 2026. In the same vein, the benchmark All-Share Index (ASI) advanced by 20.36 per cent, climbing from 201,287.78 points to 242,277.81 points.
The rally has been widely linked to improving foreign portfolio inflows, stronger domestic participation, relative stability in the foreign exchange market, and clearer policy direction in the banking sector, particularly around recapitalisation.
Market operators say the combination of these factors has deepened liquidity and reinforced expectations of sustained momentum—provided current fundamentals remain intact.
The chief operating officer of InvestData Consulting Limited, Ambrose Omordion, described the April performance as a landmark moment for the market, noting that it represents “the first highest monthly gain in its history.”
According to him, corporate earnings played a significant role in driving sentiment, as both domestic and foreign-listed companies delivered stronger-than-expected results.
He said: “This achievement is particularly noteworthy as the earnings from both foreign and local companies are exceeding expectations. In the context of ongoing global challenges, including the crisis in the Middle East, the Nigerian market stands out as one of the best-performing markets both globally and in Africa, yielding attractive returns for investors.”
Omordion further argued that the rally reflects broader economic adjustments underway in the country, noting that policy direction has played a central role in shaping pricing dynamics.
He added that listed companies have increasingly become attractive vehicles for wealth creation, stating that they are “rewarding shareholders generously,” while also helping to strengthen investor participation across board.
He also pointed out that the current market environment is opening new financing opportunities for businesses. In his words: “In a thriving market, businesses can more easily obtain capital, which in turn boosts employment and drives economic growth. The Nigerian stock market is playing a pivotal role in supporting this economic development, showing alignment with international standards.”
Omordion maintained that the outlook remains positive, arguing that the exchange is well positioned to continue supporting economic expansion and investor wealth creation if reforms are sustained.
Similarly, the managing director and chief executive officer of ECL Asset Management Limited, Charles Fakrogha, said the market’s strong performance since the start of the year reflects deeper structural improvements.
He highlighted ongoing reforms in trading systems and settlement cycles, which he believes are improving efficiency and boosting investor confidence.
He noted, “the significance of ongoing reforms, particularly structural reforms that have been reshaping the market landscape. For instance, the transition from a T+3 settlement cycle to a T+2, and now discussions are already underway regarding the potential implementation of a T+1 cycle. This shift indicates a move towards faster trade settlements, which may enhance liquidity and investor confidence.”
Fakrogha also pointed to stronger corporate earnings and policy direction as additional drivers of market optimism, saying these factors have helped sustain positive sentiment among investors.
He acknowledged that market volatility remains a natural feature of capital markets but insisted that the current trajectory remains sustainable.
He stated that “for any market, price fluctuations are a natural occurrence and prices tend to rise and fall,” while expressing confidence that underlying fundamentals continue to support long-term growth.
Overall, analysts agree that the April rally marks a significant milestone for the Nigerian Exchange Limited, reflecting a rare convergence of improved liquidity, policy clarity, and renewed investor appetite in Africa’s largest economy.