The Nigerian equities market sustained its bullish momentum with investors recording a remarkable ₦479 billion gain as ongoing economic reforms continue to boost confidence and attract new capital inflows.

The benchmark All-Share Index (ASI) of the Nigerian Exchange (NGX) rose by 0.5%, pushing the total market capitalization to nearly ₦98 trillion, according to official trading data.

The rally was largely driven by insurance and consumer goods stocks, reflecting renewed interest in sectors benefiting from the government’s macroeconomic reforms. Analysts noted that improved liquidity conditions, policy stability, and stronger corporate earnings have helped sustain market optimism.

Speaking on the economic outlook, Central Bank of Nigeria (CBN) Governor Yemi Cardoso said the administration’s reform agenda is “yielding visible results,” citing progress in inflation moderation, exchange rate stabilization, and a rebound in investor confidence.

Cardoso added that policy consistency particularly in foreign exchange management and fiscal coordination has strengthened the investment climate and improved Nigeria’s macroeconomic resilience.

Beyond the equities market, Nigeria has also attracted over US$8 billion in new energy-sector investments, supported by enhanced security and reform-driven economic stability. Analysts see this as a signal that global investors are once again warming to Africa’s largest economy.

“What we are witnessing is a reawakening of confidence,” said one Lagos-based investment strategist. “If reforms remain on course, Nigeria could be on the verge of a sustained equity market recovery.”

With the NGX maintaining upward momentum, analysts project that the ₦100 trillion market capitalization milestone could be reached in the coming weeks provided macroeconomic stability is sustained and investor sentiment remains strong.