Oye: How NGX rose 228% to become world’s best-performing market
By Merit Ibe
Nigeria’s stock market has recorded a remarkable turnaround, emerging as the world’s best-performing equity market in 2026 as investors respond to economic reforms and improved corporate earnings.
The Nigerian Exchange (NGX) All-Share Index stood at 245,209 points on August 6, 2026, up from about 74,800 points at the end of 2023, representing a 228 per cent increase in less than three years, according to a report by the Alliance for Economic Research and Ethics, headed by Kelvin Oye.
In dollar terms, the NGX has gained about 67 per cent year-to-date in 2026, putting it ahead of major global markets, including South Korea’s KOSPI and the United States’ S&P 500.
The strong performance has also pushed the total value of companies listed on the exchange to N158.3 trillion, compared with about N30 trillion in 2023.
The report linked the rally largely to changes in the Nigerian economy following the removal of the petrol subsidy and reforms in the foreign exchange market.