Nigeria’s equities market delivered the strongest performance among African exchanges in dollar terms through the first nine months of 2026, returning 75.5 per cent year-to-date and outpacing all 19 other markets tracked.
Data compiled across 20 African exchanges show the Nigerian Exchange (NGX) ahead of the Zimbabwe Stock Exchange, which returned 64.75 per cent over the same period. The Dar es Salaam Stock Exchange ranked third with a 55.64 per cent gain, followed by the BRVM at 53.16 per cent and the Ghana Stock Exchange at 44.23 per cent. At the other end of the table, the Stock Exchange of Mauritius fell 5.63 per cent in dollar terms, while the Johannesburg Stock Exchange declined 4.57 per cent.
The rally lifted the NGX All-Share Index by 95,598.64 points, or 61.43 per cent in naira terms, from 155,613.03 points at the start of the year to 251,211.67 points by September 30. Market capitalisation of listed equities rose by ₦63.73 trillion, a 64.13 per cent increase, from ₦99.376 trillion to ₦163.105 trillion over the nine months.
A stronger naira amplified the dollar returns for foreign investors. The currency appreciated about 6.96 per cent against the dollar, moving from ₦1,429/$ at the end of 2025 to ₦1,329.50/$ on the Nigerian Foreign Exchange Market as of September 30.
Market participants attributed the performance to improving macroeconomic conditions, ongoing economic reforms, firmer oil prices, better foreign-exchange liquidity and renewed investor confidence. In September alone, total market capitalisation increased by
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