The Nigerian stock market has lost nearly N10 trillion in value this month as investors rushed to lock in profits after a prolonged rally. Yet, in a striking show of resilience, the correction has failed to knock Nigeria off the top of Africa’s equity rankings.
BusinessDay’s analysis of data from African Markets, a real-time market intelligence platform, shows the Nigerian Exchange Limited (NGX) delivered a 59.5 percent return in US dollar terms year-to-date as of June 24, 2026, the highest among 17 African stock exchanges tracked. The performance extends Nigeria’s lead for a third consecutive week and highlights how macroeconomic reforms and a more stable naira are reshaping the country’s investment story.
Ghana ranked second with a 57.7 percent dollar return, followed by Zimbabwe (40.5 percent), Rwanda (38.8 percent), Tunisia (35.8 percent) and Tanzania (32.7 percent). In local currency terms, Nigeria also remains one of the continent’s strongest performers, posting a 51.1 percent gain, second only to Ghana’s 69.2 percent.
This is not the first time the West African nation has led the continent’s equity markets this year. The NGX also ranked as the best-performing stock exchange in February (34.4%) before extending its lead again in June.
