**Nigeria's Stock Market Booms, Adds N24.4tn in Two Months** The Nigerian stock market has continued its impressive run, adding a whopping N24.4 trillion in value in the first two months of 2026. This remarkable growth has pushed the total market capitalisation to N123.76 trillion, a 24.5 per cent increase from the N99.38 trillion recorded at the beginning of the year. This surge in value is not unexpected, given the improving macroeconomic fundamentals and robust corporate earnings that have been driving investor confidence. **What's Behind the Surge?** Analysts point to several factors contributing to this remarkable growth. One key reason is the shift in investor sentiment, with many opting to move out of low-yield federal government bonds into stocks. This rotation is partly driven by the National Pension Commission's (PenCom) decision to raise equity investment limits for pension funds, allowing them to increase their exposure to listed equities. As a result, fresh liquidity flowed into the market, particularly in fundamentally strong counters, leading to a sharp rally in February. **Pension Funds and the Market** The PenCom's policy change has had a significant impact on the market. Within a week of the announcement, the market advanced by N6.79 trillion, a testament to the increased demand for listed equities. The Nigerian Exchange Limited All-Share Index (NGX ASI) closed February at 192,826.78 basis points, representing a year-to-date growth of 23.9 per cent. This remarkable performance underscores the strength of the rally and highlights the importance of pension funds in driving market growth. **A Fundamentally Driven Rally** Analysts are of the opinion that the current rally is fundamentally driven, rather than being a mere speculative bubble. The market's resilience can be attributed to a combination of factors, including elevated liquidity ahead of the 2027 general election, strategic portfolio rebalancing, and the ongoing banking-sector recapitalisation drive by the Central Bank of Nigeria (CBN). The 2026 performance of the robust reforms implemented in 2025 by the federal government and regulators has also contributed to the market's growth. **A New Era for Nigerian Equities?** The Nigerian stock market's impressive performance in 2026 marks a decisive departure from the subdued era of 2015-2019. The current rally, driven by fundamental factors, suggests that equities are emerging as a preferred asset class