Tinubu’s Reforms Propel Nigerian Stocks Past New Zealand, Bonds Outperform EM Peers

Nigeria’s NGX All-Share Index has climbed 66% in dollar terms this year, lifting market capitalization to $104 billion—now surpassing New Zealand and rivaling Portugal and Ireland. Local-currency bonds have returned 14% YTD, second only to Argentina and Brazil, while the naira has strengthened nearly 6%, making it Africa’s No. 2 currency performer. Dollar bonds yielded 5% versus a 1.3% emerging-market average. Analysts attribute this historic rally to President Bola Tinubu’s reforms, including fuel subsidy removal and foreign-exchange unification. IMF forecasts GDP growth of 4.1% this year, up from 3.3% three years ago. Foreign inflows into equities reached ₦181.8 billion in March. Sector leaders such as BUA Cement, Zenith Bank, MTN Nigeria and Seplat Energy have seen triple-digit gains. Key catalysts ahead include Nigeria’s reclassification to Frontier Market status and the planned 10% IPO of Dangote Refinery.

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