News
Nigeria’s Stock Market Sustains Positive Momentum, Gains N4.5trn in Four Months

By Derrick Bangura
The stock market segment of the Nigerian Exchange Limited (NGX) has gained N4.46 trillion in its year-to-date (YtD) performance, outperforming the Egyptian Exchange, the Johannesburg Stock Exchange, the Ghana Stock Exchange, among other of its peers in the continent.
Specifically, the market capitalisation of the NGX in the first four months of 2022 appreciated by 16.21 per cent to close on April 29, 2022 at N26.761 trillion from the N22.297 trillion it closed on the last trading day of 2021
Also, the NGX All-Share Index, an indicator used to track the general market movement of all listed equities on NGX, including those listed on the growth board, regardless of capitalisation, opened 2022 at 42,716.44 basis points and closed on April 29, 2022. at 49,638.94 basis points.
This also represented an increase by 16. 21 per cent.
However, data compiled from the website of other stock exchanges in the continent revealed that the Financial Times Stock Exchange (FTSE)/ Johannesburg Stock Exchange (JSE) in its YtD performance dropped by 1.72 per cent, just as the Egyptian Exchange’s EGX 30 Index in its YtD performance also dropped by 7.54 per cent.
Further findings revealed that the Casablanca Stock Exchange’s MASI Index in its YtD performance depreciated by 1.66 per cent, while the Ghana Stock Exchange Composite Index contracted by 3.52 per cent to 2,691.19 index points as of April 29, 2022.
Similarly, the Uganda Securities Exchange’s (USE) All Share Index was down by 12.23 per cent YtD performance to 1,246.99 basis points as of April, 2022.
On the flipside, the Lusaka Securities Exchange’s All-Share Index recorded an impressive performance with a gain of 14.27 per cent to 6,924.34 in its YTD growth just as the Namibian Stock Exchange’s NSX overall Index appreciated by 10.64 per cent to 1,738.93 points as of April 29, 2022.
However, for the Nigerian bourse, the NGX, the major indices that drove its performance in the first four months of 2022, were the banking, oil & gas, industrial and consumer goods companies sectors.
The growth in stock prices were strongly bullish as all the indicators closed in the green between January and April of 2022.
For instance, the NGX Oil & Gas index appreciated the most by 51.99 per cent in its YtD growth; the NGX industrial goods index followed with a gain of 8.81 per cent, while the NGX Banking Index rose by 7.08 per cent YtD.
Capital market analysts attributed the growth of the NGX to steady increase in global oil price and listed companies’ impressive earnings post-covid-19.
They explained foreign analysts’ projections of Nigeria’s economy pre-election also played a critical role in foreign investors’ increased participation in fundamental stocks listed on the bourse.
The International Monetary Fund (IMF) recently raised Nigeria’s 2022 economic growth forecast marginally from the 2.7 per cent it had previously estimated to 3.4 per cent.
Additionally, the fund reviewed upward the country’s 2023 growth prediction upward from 2.7 per cent to 3.1 per cent.
The multilateral institution had also noted that the non-oil sector played a pivotal role in increasing Nigeria’s growth prospect as it observed that the globally only 86 per cent of countries saw a downward revise of its growth projection indicating Nigeria is amongst the 14 per cent of countries who are expected to grow.
Nigeria’s growth prospects were stated in latest World Economic Outlook (WEO) released recently by the IMF.
Also, the World Bank had released a forecast on Nigeria’s economy for 2022, raising the country’s growth projection to 3.8 per cent, up from the 2.5 per cent projected earlier in the year.
Speaking with THISDAY, the doyen of the Nigerian capital market, Mr Rasheed Yusuf, said the increasing global oil price played a role in the growth of the capital market in four months of 2022.
According to him, “The current global oil price that is above $100 per barrel has translated into more revenue for the federal government and more spending. “Since there is more revenue for the government, there will definitely be more spending and more business opportunities for individuals and companies listed on the NGX.
“Everybody was thinking Nigeria will be in an economic crisis but with oil revenue above $100 per barrel over the Ukraine-Russia crisis, the government has been able to manage the subsidy.
“The global oil price has breathed a new life into companies in the country and investors’ expectation is that these companies will make good profit and it has contributed to growth in their stocks.
“Most of them recently released the 2021 financial year, first quarter results and we have seen impressive corporate earnings. The performance of these companies has reflected in their corporate earnings.”
Yusuf, who is the Chief Executive Officer of Trust Yield Securities, further said the Nigeria economy had surpassed analysts’ expectation.
“It is not as boom but at the same time, it is not catastrophic as projected by analysts and that is what is driving the optimism,” he added.
On his part, the Chief Operating Officer (COO), Supra Commercial Trust Limited, Mr. Charles Fakrogha, noted that the steadfastness of the quoted companies boosted the capital market growth in four months of 2022.
He also alluded that the increasing global oil price contributed to stock market performance as the government has more revenue to execute some infrastructural projects.
According to him, “These companies have sustained growth in revenue and profit despite challenges.
“With the improved performance, of course the market will react and the reason why investors trading on the NGX stock market gained over N4 trillion in four months.”
He projected that the stock market would sustain the growth in May 2022.
He said, “The listed companies have device methods to overcome harsh operating environments and of course, they still have some challenges.
“We expect the stock market to perform better in the remaining months of H1 as the government is expected to do its part in tackling the security situation in the country.”
In his contribution. the Chief Operating Officer, InvestData Ltd, Mr. Ambrose Omordion noted that most listed companies were undervalued as covid-19 affected their performance, stressing that local & foreign investors in the first four months of 2022 took advantage of the low-priced stocks.
He added, “Most companies have engaged in aggressive revenue growth when the lockdown was eased and we have seen the impact on profit.
“The global trend is also playing its role in what is happening in Nigeria. In the USA, most big companies are posting negative results and it is reflecting in their GDP.
“However, Nigeria’s big companies on the NGX have reported positive performance and it is likely to show in GDP projection for Q1 2022.”
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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