Nigeria’s macroeconomic landscape opened 2026 on a relatively stable footing, supported by improved foreign exchange liquidity and sustained policy interventions. The Naira appreciated across both official and parallel markets, helped by stronger inflows from exporters, investors and corporates, while external reserves also increased steadily. At the same time, domestic fixed income markets remained active, with significant government borrowing and central bank liquidity management shaping yields and investor participation across treasury bills and bonds. 

Equities markets started the year strongly, extending momentum from late 2025 as investors rotated into stocks amid attractive valuations and dividend expectations. The broad rally lifted the NGX All-Share Index notably, with gains spread across multiple sectors including oil and gas, insurance, banking and industrials. Meanwhile, crude oil prices rebounded sharply during the month due largely to geopolitical risk premiums and supply considerations, reinforcing the importance of external factors in Nigeria’s economic outlook. 

Globally, economic conditions remained cautious rather than robust, with moderating inflation offset by soft demand and restrained monetary policy across major economies. Growth signals were mixed in the United States, Europe and Asia, while institutions maintained expectations for modest global expansion in 2026 amid persistent geopolitical risks and trade tensions. 

Against this backdrop, market direction is likely to remain selective, shaped by evolving macro conditions, policy signals and corporate fundamentals; themes explored in greater depth in the full report.

Explore the full report for deeper insights into these trends and their implications for investors.

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