Lagos — Nigeria’s equities market continues to maintain its positive trajectory, with the NGX All Share Index closing at 106,074 points on Thursday.
The rally was supported by broad-based sector gains, notably in Technology Services (+5.88%), Consumer Non-Durables (+3.06%), and Non-Energy Minerals (+0.96%). Conversely, Commercial Services (-3.54%), Transportation (-0.88%), and Producer Manufacturing (-0.58%) recorded losses. Among large-cap stocks, MTN Nigeria Communications advanced 2.51%, Zenith Bank rose 0.89%, and Access Holdings gained 0.84%, while Dangote Cement, BUA Foods, and Aradel closed flat.
The equity market’s performance reflects improving investor sentiment, supported by positive macroeconomic projections.
The World Bank forecasts GDP growth of 3.4% in 2024 and 3.6% in 2025, driven by robust activity in the services sector, particularly telecommunications and financial services. Inflation is expected to ease to 22.1% in 2025 and further to 15.9% by 2027.
At the same time, the federal government has articulated an ambitious target of 7% annual GDP growth, reflecting its commitment to structural reform, investment promotion, and fiscal discipline.
While near-term challenges persist, ongoing reforms present an opportunity to reposition the economy for long-term growth, leading to higher valuations on the domestic equity market.
