Stock market in Nigeria surges as industrial stocks power a strong rally

Nigeria’s equities market extended its strong run on Tuesday, with a sharp rise in industrial and energy stocks lifting the benchmark index to new highs and reinforcing one of the world’s best-performing market trends this year.

The NGX All-Share Index climbed 2.24% to close at 228,602.00 points, gaining 4,999.71 points in a single session. The move pushes the market’s return to 46.9% so far in 2026, underlining sustained investor appetite despite macroeconomic uncertainties.

Trading activity was robust. A total of 907.9 million shares worth N68.2 billion were exchanged in 72,697 deals.

Compared with the previous session, volume rose 34% and turnover jumped 55%, even as the number of deals declined by 12%, suggesting larger ticket trades dominated the session.

Market capitalisation stood at about N147.3 trillion, equivalent to roughly $107 billion.

Gains were broadly distributed, with 39 stocks gaining and 39 declining, showing a balanced but active market.

Industrial names led the rally. Lafarge Africa posted the maximum daily gain of 10% to close at N324.50, alongside Industrial & Medical Gases and FTN Cocoa Processors, which also rose by the daily limit. Austin Laz & Company followed closely with a 9.71% increase.

The strong performance in industrial counters helped push the NGX Industrial Index up 4.86% on the day and nearly 80% year-to-date, highlighting renewed investor interest in infrastructure-linked and manufacturing plays.

Banking stocks weigh on losers’ chart

On the downside, banking and mid-tier names faced selling pressure. United Bank for Africa declined 10% to N44.55, while Trans-Nationwide Express, Jaiz Bank and Berger Paints also recorded steep losses.

Despite the declines, banking stocks still dominated trading volumes, reflecting continued liquidity and investor positioning in the sector.

Access Holdings led activity with 220 million shares traded, followed by Fidelity Bank, Wema Bank and Linkage Assurance.

Sector performance remained strong across the board. The NGX Oil & Gas Index rose 4.66%, taking its year-to-date return above 100%, while the Consumer Goods and Main Board indices also posted solid gains.

The NGX Top 30 and Premium indices, which track large-cap stocks, continued to trend higher, reinforcing the role of heavyweight companies in driving the rally.

Nigeria’s stock market has attracted increased attention in 2026 as investors seek protection against inflation and currency volatility, while also rotating into equities with strong earnings outlooks.

Reforms in the foreign exchange market and improving corporate profitability have also helped restore confidence, drawing both local institutional funds and foreign portfolio investors back into equities.

With returns nearing 50% this year, the Nigerian market is emerging as one of the standout performers globally, though analysts warn that volatility could increase as valuations rise and profit-taking sets in.

By Ayodeji Adegboyega, Business Insider Africa

Kenya's leader backtracks after comments mocking Nigerians' English

 

Kenya's President William Ruto has been forced to respond to the backlash over his recent remarks suggesting Nigerian-accented English was incomprehensible.

His clarification came at a mining conference in the Kenyan capital, Nairobi, attended by Nigeria's Minerals Minister Henry Dele Alake, who told the gathering: "President Ruto, the people of Nigeria have mandated me to inform and assure you that Nigerians speak good English."

To much laughter, Ruto took to the stage to explain his comments to Kenyans living in Italy last week were intended to be private and had been "taken out of context".

"The fact is that I was talking about how we in Africa speak very good English, all of us," he said.

"In fact, in some countries like Nigeria, if you do not speak excellent English like the one we speak in Kenya, you may need a translator to understand the excellent English of Nigeria. So that was the comparison. But somebody misrepresented the facts."

President Ruto reminded the audience at the mining development conference that Nigerians were his in-laws - one of his daughters, June, is married to a Nigerian.

"I want to send my regards to my brothers and sisters in Nigeria… my in-laws."

He told Alake to pass on his greetings his Nigerian counterpart Bola Tinubu: "Tell President Tinubu that I said, 'Hi'. And tell him I said that in good English… so that there will be no consequences."

Following an explanation about how he felt he had been mispresented, the president ended by saying: "It is as well that we can have this conversation - my in-laws I hope there will be no consequences for whatever was done," he said.

The good-natured banter was in sharp contrast to barrage of criticism President Ruto has faced online.

Last week, he had boasted about how Kenya's education system was producing some of the best human capital in the world, with strong English proficiency.

"We speak some of the best English in the world, that is true. If you listen to a Nigerian speaking, you don't know what they are saying. You need a translator even when they are speaking English."

The condemnation that followed was widespread - fuelling an online cyber rivalry between the two nations.

Kenya and Nigeria are both former British colonies and share English as an official language but have distinct spoken varieties with different phonetic structures.

These differences reflect the influence of indigenous languages - Nigeria has more than 500 languages which shape its cadence and intonation, while Kenya's Bantu, Nilotic and Cushitic mix give rise to its own accents.

By Basillioh Rukanga, BBC

Related story: Kenyan leader sparks uproar after mocking Nigerians' spoken English

Suspected members of Nigeria-linked Black Axe crime gang arrested in Switzerland

Suspected members of the Nigerian-linked Black Axe crime gang have ​been arrested in Switzerland accused of ‌involvement in romance scams and cyberfraud, Europol said on Tuesday.

Black Axe grew out of ​a student fraternity in the late ​1970s called the Neo Black Movement ⁠of Africa, and it has since ​evolved into a structured, violent criminal organisation ​often dealing in financial cybercrime.

"The suspects are accused of numerous crimes. This includes romance scams ​and other cyberfraud offences causing millions ​of Swiss francs in damages, as well as ‌money ⁠laundering," said Europol, which is headquartered in The Hague, in a statement.

The pan-European police body said 10 people - most ​of whom ​are of ⁠Nigerian origin - had been arrested in the operation that ​also involved German police.
The Swiss operation ​against ⁠the Black Axe crime gang follows a similar operation carried out by Spanish ⁠police ​in January, while global ​police body Interpol had also targeted it in ​2023.

Reuters

Ubuy and the rise of borderless shopping in Nigeria

Nigeria’s e-commerce conversation is often framed around infrastructural, logistical and payment challenges. But beneath those familiar talking points, a quieter shift is taking place, one driven not by systems, but by people.

At the centre of this shift is a fast-growing segment of consumers who are young, digitally fluent and globally aware. Often described as Nigeria’s “digital middle class,” this group is redefining what access, value and choice mean in a connected economy and, in the process, reshaping how global commerce interacts with one of Africa’s largest markets.

Unlike previous generations of consumers, today’s Nigerian shopper is not limited by geography as traditional retail models once dictated. Exposure to global culture happens in real time, whether through social media, streaming platforms or online communities. Trends are no longer imported slowly; they are experienced instantly and increasingly, and acted on just as quickly.


A Different Kind of Demand

What defines this new consumer segment is not just spending power, but expectation.

There is a growing preference for specificity, particular brands, product lines and even formulations that are often unavailable in local retail channels. Whether it is niche skincare from South Korea, specialised fitness supplements from the United States or consumer electronics released first in Asia, demand is becoming more precise and less flexible.

This shift has created a clear gap between what Nigerian consumers want and what the local market can consistently provide. And it is within this gap that cross-border platforms have begun to scale.


Platforms Built for a Borderless Consumer

Rather than navigating multiple international websites, payment systems and delivery processes, many Nigerian consumers are turning to aggregation platforms that simplify access to global products.

Ubuy is one of the platforms operating within this space, positioning itself around a simple idea of giving consumers access to products from multiple international markets through a single interface.

With a catalogue spanning millions of products across categories such as electronics, beauty, fashion, home appliances and wellness, the platform reflects the diversity of Nigerian demand. More importantly, it mirrors how consumers already think globally.

What differentiates Ubuy is not just access, but how that access is structured. Organising products by country storefronts, from the US and UK to Japan, Korea and Europe, allows users to shop with a level of intentionality that goes beyond generic browsing. A consumer looking for Korean skincare or Japanese electronics is not just searching for a product, but shopping within a specific global context.


Meeting Expectations in a Complex Market

For Nigeria’s digital middle class, access alone is not enough; experience matters. Concerns around authenticity, pricing transparency and delivery reliability have historically shaped how Nigerians approach international shopping. Platforms that succeed in this space tend to be those that address these concerns directly, rather than treating them as secondary issues.

Ubuy’s model leans into this by offering visibility into pricing, including shipping and import costs, before checkout, alongside tracked delivery and multiple payment options that align with what Nigerian consumers already use. Its operations, supported by a network of international warehouses, are designed to make cross-border shopping feel less fragmented and more predictable.

These details may seem operational, but they play a critical role in building repeat behaviour. For many consumers, the decision to shop internationally is not just about access—it’s about confidence.


Beyond Lagos: A Broader Consumer Base

One of the more significant developments in Nigeria’s e-commerce landscape is how demand is expanding beyond Lagos.

Cities such as Abuja, Port Harcourt, Ibadan, Kano, and Enugu are seeing increasing levels of digital adoption, with consumers in these locations participating more actively in online shopping. Mobile-first usage has made it easier for Ubuy to reach these audiences without the need for a physical retail presence.

This shift suggests that the opportunity for cross-border e-commerce in Nigeria is not only deep but wide. It is no longer concentrated in a single urban centre, but distributed across a growing network of digitally connected consumers.


The Influence of Global Culture

The rise of this consumer class is closely tied to the influence of digital culture. Social media has effectively collapsed the distance between markets. A product trending in Los Angeles or Seoul can gain visibility in Nigeria within hours, creating immediate demand. In many cases, consumers are discovering products long before they become available locally, if they become available at all.

This dynamic makes Ubuy increasingly relevant, not just as a shopping destination, but as an enabler of access. The platform sits at the intersection of discovery and purchase, allowing consumers to act on global trends in real time.


A Market Still Taking Shape

Nigeria’s e-commerce market continues to expand, supported by strong mobile penetration and a young, tech-savvy population. But beyond the growth metrics, what stands out is the pace at which consumer expectations are evolving.

The digital middle class is not waiting for traditional retail systems to catch up. It is actively reshaping the market, prioritising choice, quality, and global access over proximity.

For platforms like Ubuy, the opportunity lies in aligning with this shift, not by changing how Nigerians shop, but by supporting how they already want to shop.

In that sense, the story of cross-border e-commerce in Nigeria is not just about platforms or infrastructure. It is about a consumer base that is increasingly global in outlook and the systems that are emerging to meet it.

By Adekunle Agbetiloye, Business Insider Africa

Nigeria turns to local startup as insurgents escalate drone and bomb attacks

Local startup Terra Industries on Monday unveiled interceptor drones, mine-clearing unmanned vehicles and battlefield intelligence software that officials said could help troops confronting insurgents who have increasingly used roadside bombs and drones in recent attacks.

The launch shows a growing effort by Africa’s most populous nation to reduce dependence on imported military hardware and build domestic defence manufacturing capacity.

Nigeria has spent years buying aircraft, armoured vehicles and surveillance systems from countries including China, Turkey, Pakistan and the United States.

But procurement delays, maintenance bottlenecks and rising foreign exchange costs have strengthened the case for local production.

Terra Industries had previously focused on civilian drones and security technology before expanding into defence systems.

“We are unveiling new defence systems such as our interceptor UAVs, our minesweepers, ground vehicles that can detect IEDs on the ground, and our battlefield intelligence software,” Reuters quoted chief executive Nathan Nwachukwu as saying.

The timing is significant. Nigeria has battled Islamist insurgency in the northeast for more than a decade, with Boko Haram and Islamic State West Africa Province (ISWAP) remaining active despite repeated military offensives.

Violence linked to banditry and kidnappings has also spread across other parts of the country.

This year, militants have stepped up attacks on military positions using improvised explosive devices, ambush tactics and low-cost drones, showing how tools once associated mainly with advanced militaries are becoming more accessible to armed groups.

That has changed military planning worldwide. Cheap commercial drones modified for surveillance or attack roles have been widely used in conflicts from Ukraine to the Middle East, forcing armies to invest in counter-drone systems, electronic warfare and autonomous ground equipment.

For Nigeria, the challenge is acute, securing a vast territory while facing multiple threats and budget constraints.

Major General Babatunde Alaya, head of the state-owned Defence Industries Corporation of Nigeria (DICON), said collaboration with Terra Industries was necessary given troop casualties caused by hidden explosives and roadside bombs.

DICON has long been central to Nigeria’s ambition to produce more of its own defence equipment, but progress has historically been slow. Partnerships with private firms are increasingly seen as a faster route to innovation and scale.

Terra Industries has also announced plans to expand beyond Nigeria, including a manufacturing facility in Ghana, signalling ambitions to serve a wider African market and position itself in the region’s growing security technology industry.

As it is, defense innovation is no longer dominated only by global arms giants. Smaller local firms are beginning to compete in markets shaped by speed, adaptability and lower-cost technology.

By Ayodeji Adegboyega, Business Insider Africa

Related story: US tech billionaire Joe Lonsdale invests $11.8m in Nigerian drone firm to tackle Africa’s insecurity