Stocks worth over one trillion naira listed on the Nigerian Exchange Group (NGX) generated N27.448 trillion in capital gains during the first quarter of 2026. The surge reflects strong investor confidence and upward price movements across major equities traded on the exchange. The gains were driven by improved market sentiment, increased foreign participation, and positive macroeconomic signals in the early months of the year. Key sectors contributing to the growth included banking, consumer goods, and telecommunications. The Nigerian Exchange Group confirmed the figures in its quarterly market performance report released in April 2026.
A quarter of nearly N27.5 trillion in capital gains suggests the market is alive — but only for those already holding stocks. The average Nigerian without exposure to equities sees none of this upside, no matter how well the NGX performs. Wealth accumulation through the stock market remains concentrated among a small investor base. Without broader financial inclusion, such gains reflect a growing divide, not national economic progress.
