The Nigerian stock market rises 39.84%, ranking second in Africa for performance.

Nigeria’s stock market saw a remarkable 39.84 percent year-to-date gain, in the first quarter of 2024, marking it as the second-best performing exchange in Africa.
This surge was attributed to the economic reforms initiated by the Tinubu administration.
Despite facing challenges such as insecurity and double-digit inflation, the Nigerian Stock Exchange All-Share Index (NGX ASI) soared, reaching 104,562.06 basis points by March 28, 2024, up from 74,773.77 at the beginning of the year.
However, rising inflation and a hike in the Monetary Policy Rate prompted some investors to explore alternative investments, leading to a mixed market performance in the first quarter.