Nigerian equities market recovers $21bn following naira’s devaluation in 2024, says Report 

A report by Bloomberg on Tuesday revealed that the Nigerian equities market has recovered by $21 billion in market value it lost amid a sharp naira devaluation in 2024.

The report also revealed that the equities market section of the Nigerian Exchange Limited (NGX) has  delivered the world’s second-best dollar returns this year, climbing 31per cent in 2026.  

According to the report, the total market capitalisation on the Exchange now stands at about $84 billion, roughly 58per cent higher than before the naira’s collapse.

As reported by Bloomberg on Tuesday, Nigeria’s “benchmark index surged 31per cent this year, delivering the world’s second-best dollar returns.

“The rally far outpaces the 11per cent gain in the broader emerging-market index and the 6.4per cent advance in a gauge of frontier-market stocks.”

Analysts attributed the gains to stronger corporate earnings, a firmer naira, and renewed investor confidence.

An analyst at SBG Securities Ltd., Olabode Williams said: “Companies hit by the naira’s fall have shored up their balance sheets and returned to profitability. A lot of investors are now pricing in growth, and the market is responding positively.”

He added, “The rally shows that Nigerian equities are increasingly attractive to both local and foreign investors, especially after years of underperformance.”

The naira has also strengthened, becoming the world’s second-best performing currency this year with a more than seven per cent gain against the dollar.

Bloomberg noted, “Stock gains have also been underpinned by a firmer naira, now the world’s second-best performing currency this year of those tracked by Bloomberg with a more than seven per cent advance against the dollar.”

Foreign participation has surged alongside the rally. Data from the Nigerian Exchange Group shows 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.

Gloria Fadipe, analyst at CSL Stockbrokers Ltd., a unit of FCMB Group Plc, said the market could surpass $100 billion this year with the planned listings of Aliko Dangote’s 650,000-barrel-a-day refinery and fertiliser plant. “If these listings happen, we could see up to 34% capital gains this year,” she added.