Nigeria’s stock market has reclaimed its position as Africa’s top performer, delivering a 73.1 percent return in US dollar terms as of early September 2026. This resurgence is primarily fueled by domestic investors, who account for nearly 90 percent of market participation, supported by relative naira stability, banking sector growth, and robust corporate earnings. Currently valued at approximately $121 billion, the Nigerian Exchange is set for further momentum with the upcoming FTSE Frontier Market index inclusion and a major planned refinery IPO.