Nigeria’s equities market has recorded a strong rally in April, gaining N16.13 trillion in 24 days despite global geopolitical uncertainties, as investor confidence strengthens on the back of corporate earnings and improved market outlook.
Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation rose from N129.21 trillion at the start of April to N145.33 trillion, representing a 12.5 per cent increase.Similarly, the NGX All-Share Index climbed by 12.14 per cent to close at 225,722.49 basis points, up from 201,287.78 recorded at the end of March.
The rally was driven by renewed investor appetite for fundamentally strong stocks, as well as Nigeria’s recent reclassification by FTSE Russell from an unclassified market to Frontier Market status, a move analysts say is attracting foreign inflows.
Market capitalisation also crossed the N140 trillion mark during the month, reflecting heightened demand and improved sentiment among investors.
On a year-to-date basis, the market has appreciated by N45.96 trillion or 46.25 per cent, while the All-Share Index has risen by 45.05 per cent compared to its close in 2025.
Analysts at Cordros Research projected that Nigeria’s return to Frontier Market status could attract between $840 million and $1.04 billion in foreign portfolio inflows, driven by benchmark rebalancing and increased investor interest.
The positive market performance comes as the new Minister of Finance, Taiwo Oyedele, formally assumed office, pledging to sustain ongoing economic reforms.In his handover remarks, Oyedele commended his predecessor, Wale Edun, for laying the groundwork for fiscal stability and reform.
“I am committed to building on existing reforms and delivering measurable outcomes that align with the government’s economic priorities,” Oyedele said.
He also expressed appreciation to President Bola Tinubu for the confidence reposed in him, assuring that he would work closely with ministry officials to drive policy implementation.
Meanwhile, the federal government is set to introduce a new “Green Tax Surcharge” on high-engine vehicles as part of its 2026 fiscal policy measures.
According to a government circular, vehicles with engine capacities between 2,000cc and 3,999cc will attract a 2 per cent levy, while those above 4,000cc will be subject to a 4 per cent charge.
The policy, expected to take effect from July 1, is designed to align Nigeria’s tax system with environmental goals while boosting revenue generation. However, vehicles below 2,000cc, mass transit buses, electric vehicles and certain locally manufactured units will be exempt.
The measures are part of broader fiscal reforms aimed at improving revenue performance, supporting key sectors and positioning the economy for sustainable growth.