The Nigerian Exchange Limited (NGX) recorded a N16.13 trillion increase in market capitalisation over 24 days in April 2026, rising from N129.21 trillion to N145.335 trillion. The NGX All-Share Index climbed 12.14 per cent to close at 225,722.49 basis points, up from 201,287.78 on March 31, 2026. This surge followed Nigeria's reclassification by FTSE Russell from unclassified to Frontier Market status, which boosted investor confidence and pushed market capitalisation past N130 trillion. Year-to-date, market value has risen by N45.96 trillion, or 46.25 per cent, from N99.376 trillion at the close of 2025. The All-Share Index has gained 70,109.46 basis points since December 31, 2025. Analysts at Cordros Research attributed the rally to expected foreign inflows of $840 million to $1.04 billion due to benchmark rebalancing. Strong corporate earnings and improved market infrastructure also contributed to the gains.
Taiwo Oyedele, Nigeria's new Minister of Finance, pledged to sustain existing economic reforms after officially assuming office from Wale Edun. In handover remarks, Oyedele commended Edun's contributions and affirmed his commitment to delivering measurable outcomes aligned with government priorities. He also thanked President Bola Tinubu for the appointment. Permanent Secretaries Raymond Omachi and Mohammed Sanusi Danjuma promised full support to Oyedele.
The federal government will introduce a Green Tax Surcharge of two to four per cent on vehicles with engine capacity above 2,000cc, effective July 1, 2026. The policy, approved by President Tinubu on April 1, 2026, forms part of the 2026 fiscal strategy and the ECOWAS common tariff framework. It aims to align Nigeria's tax system with environmental goals and boost revenue. The Ministry of Finance has not yet issued an official public statement on the tax.
Taiwo Oyedele is backing continuity in economic reforms while a new tax on large-engine vehicles looms, despite no public explanation of how this aligns with broader fiscal fairness. Nigerians buying cars above 2,000cc will pay more from July, even as the government has not disclosed how much revenue the levy will generate. The stock market's N16.13 trillion gain reflects investor optimism, but it remains unclear how many ordinary Nigerians are benefiting from the rally. The FTSE reclassification may attract foreign capital, yet domestic economic pressures continue to shape household financial realities.
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