The Nigerian major stock market, the NGX, is currently experiencing a historic bull run. The benchmark NGX All-Share Index (ASI) has maintained its upward trajectory, trading between 249,000 and 252,000 points after surging past the 200,000-point milestone in March.

The local bourse has delivered an impressive 62 percent year-to-date, solidifying its position as one of the world's top-performing equity markets. It is the second-best portfolio globally when measured in dollars, having quickly recovered billions of dollars in market value that were lost to currency devaluations.

The macroeconomic and corporate fundamentals underpinning this rally suggest a structural re-rating of Nigerian stocks. The removal of expensive fuel subsidies and the previous foreign exchange regime, which had made the Nigerian naira overvalued and deterred investors, are key components of the Federal Government's economic reset.

According to the International Monetary Fund, economic growth is expected to increase to 4.1 percent this year, up from 3.3 percent when President Bola Tinubu took office three years ago. Both Moody's Ratings and Fitch Global Ratings upgraded Nigeria's credit rating in 2025, signaling increased confidence in the nation's economic direction.

Nigerian stock traders are returning to the country's capital markets amid these improved macroeconomic policies. Furthermore, the increase in oil prices since the beginning of the Iran war has provided a budget windfall, as Nigeria relies on crude exports for approximately one-third of its government revenue.