NIGERIA · MARKETS
Nigeria’s stock market has gained about 62% since January, and Dangote Cement, one of its heaviest stocks, has swung the index on several days. The All-Share Index, which tracks every share on the Nigerian Exchange in Lagos, Nigeria’s commercial capital, closed at 252,456.74 points on Monday 9 November 2026, against 155,613.03 at the end of 2025.
For US readers, the year’s gains came before and after Nigeria returned to the FTSE Frontier Index on Monday 21 September 2026, a list that funds use to pick smaller emerging markets. The gain is measured in naira, Nigeria’s currency, so a dollar investor’s return can differ.
Key Facts
- The gain The All-Share Index is up about 62% in 2026, from 155,613.03 to 252,456.74 points.
- The value The exchange is worth N163.92 trillion in naira (about US$122 billion), up from N99.38 trillion at the end of 2025.
- The upgrade FTSE Russell, a global index provider, put Nigeria back in its Frontier index on 21 September 2026.
- The swing Dangote Cement fell 10% on 5 November and rose 9.61% on 9 November.
Why FTSE Russell Mattered
FTSE Russell is a London-based provider of stock indexes that global funds track, including a Frontier index of smaller, less traded markets. It removed Nigeria from its Frontier index in 2023 and listed it as unclassified, meaning it had no rating, after foreign investors struggled to convert naira and send their money home.
FTSE Russell announced Nigeria’s return in April 2026, and its Index Governance Board, the panel that approves index changes, confirmed on 27 August 2026 that the change would go ahead on Monday 21 September 2026 as planned. It checked the plan once more after the exchange moved to T+1 settlement, meaning trades are settled one day after they are made.
How Far the Market Has Come
The All-Share Index ended 2025 at 155,613.03 points, a gain of 51.19% for that year, with the exchange worth N99.376 trillion. At the close on 9 November 2026 it stood at 252,456.74, up 62.2% on the year, and the exchange was worth N163.92 trillion, up about 65%.
The index closed at 254,762.81 points on Wednesday 4 November 2026, with the market worth N165.42 trillion, the highest close we found. It then fell 1.98% to 249,710.59 on Thursday 5 November, which left it about 60.5% up on the year.
One Company, Big Swings
Dangote Cement, the cement maker founded by the Nigerian businessman Aliko Dangote, is worth about N24.80 trillion (about US$18.4 billion), or roughly 15% of the whole exchange. Its shares jumped 9.80% to N1,341.90 on Tuesday 27 October, fell by the exchange’s 10% daily limit to N1,341.00 on Thursday 5 November, and rose 9.61% to N1,469.90 on Monday 9 November.
The exchange generally lets a share move no more than 10% in a day. That limit explains why a single stock can lift or drag the whole index by more than 1% in a session.
What It Means for You
If you hold Nigeria through a US frontier-market fund, one that invests in smaller, less traded economies, the 62% is a naira figure. The naira traded at about N1,347 per US dollar on 9 November, so convert before you compare returns.
A market that leans on one company can fall as fast as it rises, as 5 November showed. Our earlier reports explain Nigeria’s return to the FTSE Frontier Index and the 9 November rebound in Dangote Cement.
What Is Not Known
It is not known how much money index-tracking funds have moved into Nigerian shares since 21 September, because we found no public figure. It is also unclear how much of the year’s gain came from foreign buyers and how much from Nigerian investors.
More coverage of the country is on our Nigeria page. We will update this report when new market data is published.
Frequently Asked Questions
Why is Nigeria’s stock market up so much in 2026?
The All-Share Index rose about 62% from the end of 2025 to 9 November 2026. Nigeria also returned to the FTSE Frontier Index on 21 September 2026, after about three years outside it.
What is the FTSE Frontier Index?
It is a list of smaller emerging markets run by FTSE Russell, a global index provider. Funds that track it hold the shares it contains.
How big is Dangote Cement on the Nigerian exchange?
It is worth about N24.80 trillion (about US$18.4 billion), roughly 15% of the exchange. It rose 9.61% on 9 November 2026.
Is the 62% gain in US dollars?
No, it is measured in naira. The naira was near N1,347 per US dollar on 9 November 2026, so dollar returns can differ.
Sources: FTSE Russell, index governance notice of 27 August 2026; Nigerian Exchange Group (the exchange’s operator), market data for 31 December 2025, 27 October, 5 November and 9 November 2026; naira exchange rate, 9 November 2026 close (market data).
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