Arthur Stevens Assets Management Ltd, (ASAM) has projected that the Nigerian Exchange (NGX) will deliver 45.9 per cent growth in 2026 financial year.
The Managing Director of the ASAM, Olatunde Amolegbe who made this projection during “2025 capital market review and prognosis for 2026” organised by Capital market Correspondent Association of Nigeria (CAMCAN) said this growth will be supported by stable prices, foreign exchange and modest expected rate cuts.
Other factors that will impact positively on the performance of the market this year according to him include pre-election liquidity and active capital-raising by insurance firms and PFAs.
He however said that the planned listing of Dangote Petrochemicals could further boost market breadth and sector representation, adding that in a best-case scenario, faster disinflation, a more aggressive easing cycle of 400–900 basis points, stronger corporate earnings, and higher FPIs inflows will lift market activities.
Additionally, he said major listings could drive even higher returns while risks include capital gains tax sensitivity and potential delays in listings, which could dampen performance
Listing factors likely to Influence equities market performance in 2026, he said, “as Nigeria approaches the 2027 elections, 2026 is likely to see surging liquidity from pre-election spending and fiscal expansions.
“These paired heightened political risks, could drive sharp market volatility in stocks and forex investors may thus cautions for short term trading over long term commitment while watching for potential inflation spike and currency swing.”
He said that the anticipated new listings, including the landmark Initial Public Offer of Dangote Refinery and Dangote Fertilizer, as well as the planned separate listing of Airtel Money in first half of 2026, are expected to enhance market liquidity significantly.
Speaking further he said “as global interest rates normalise foreign portfolio investors (FPIs) are increasingly factoring in the sustainability of Nigeria’s forex reform and naira new found stability.”
