The Nigerian equities market closed the week ended July 24, 2026, on a positive note, with the All-Share Index rising by 1.6% to 247,357.40 points. Market capitalization gained approximately N2.53 trillion, finishing at N159.59 trillion, as year-to-date returns improved to 58.96%. Activity levels spiked, with trading volume and value increasing significantly. Financial services led market activity, while UPDC REIT and First HoldCo emerged as the top performers. Meanwhile, the Nigerian Exchange suspended Aluminium Extrusion Plc for failing to file its 2025 audited financial statements. Analysts remain optimistic for the near term, citing sustained momentum in banking and industrial stocks.

Nigeria’s mortgage market remains severely underdeveloped, with outstanding loans accounting for less than 1 percent of GDP and homeownership stagnant at 25 percent. Industry experts, including UPDC CEO Odunayo Ojo, cite a massive housing deficit of up to 28 million units, driven by prohibitive construction costs, low income levels, and a lack of long-term, low-interest funding. Analysts argue that to stimulate the sector, Nigeria must implement structural reforms that include single-digit interest rates with 20-year tenures, streamlined land titling, and solutions to reduce construction costs. Currently, rising property values—which have surged by up to 150 percent in some areas—further widen the gap between housing availability and the average citizen’s purchasing power.

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the regulator will maintain heightened supervision of the banking sector despite the successful conclusion of the recent recapitalisation exercise.

Speaking at the BusinessDay 14th Annual CEO Forum, Cardoso noted that while the industry raised between N4 trillion and N5 trillion in fresh capital to build resilience against economic shocks, continuous oversight remains essential. He emphasized that the stronger capital base is intended to support eventual increased lending to the private sector once inflation and interest rates moderate. Cardoso also warned banks against indiscriminate lending, urging them to prioritize sophisticated risk management and proper analysis, especially when navigating complex sectors like oil and gas. The CBN plans to collaborate with financial institutions to enhance their internal risk assessment capabilities.