Business
NGX sustains bullish momentum as All-Share index nears 250,000 points
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
The Nigerian Exchange Limited (NGX) continued its impressive market rally as the All-Share Index (ASI) recently closed at approximately 249,175 points, recording modest daily gains despite mild profit-taking activities by investors.
The latest market performance highlights sustained investor confidence in Nigerian equities, with the local bourse maintaining one of the strongest performances among emerging and frontier markets this year.
Market analysts noted that although some investors moved to lock in profits after weeks of sustained gains, buying interest in key banking, industrial, telecom, and consumer goods stocks helped the market remain in positive territory.
The NGX has delivered exceptional year-to-date returns, with some market reports placing the overall gain at more than 60 percent, reflecting renewed optimism in the Nigerian economy and growing appetite for equities amid improving macroeconomic indicators.
According to capital market operators, the rally has been driven by a combination of factors including strong corporate earnings, banking sector recapitalization expectations, easing foreign exchange concerns, and increased participation from institutional investors.
Analysts also attributed the bullish trend to the relative attractiveness of equities compared to fixed-income instruments, especially as investors continue to seek higher returns in an inflationary environment.
Trading activity during the session showed a mix of bargain hunting and cautious profit-taking, with investors rotating funds across various sectors in anticipation of stronger corporate fundamentals and future dividend prospects.
Financial experts said the market’s resilience around the 249,000-point threshold demonstrates strong underlying momentum despite intermittent corrections triggered by profit-taking.
The banking sector remained one of the major drivers of market activity, supported by renewed investor positioning ahead of recapitalization exercises and expectations of stronger earnings performance from tier-one financial institutions.
Industrial and consumer goods stocks also contributed to market stability as investors continued to show interest in fundamentally strong companies with growth potential.
Market capitalization on the exchange remained elevated, reinforcing the expanding value of listed equities and the increasing wealth creation witnessed on the Nigerian bourse over recent months.
Investment analysts believe the market may sustain its upward trajectory if macroeconomic reforms continue to improve investor sentiment, foreign exchange stability strengthens further, and corporate earnings remain positive.
However, they cautioned that periods of profit-taking are expected after the market’s rapid appreciation, especially as investors rebalance portfolios and secure gains from high-performing stocks.
Economic observers say the strong performance of the NGX reflects improving confidence in Nigeria’s financial markets despite persistent inflationary pressures and global economic uncertainties.
They added that sustained reforms by fiscal and monetary authorities, alongside increased transparency and market reforms, could further deepen investor participation and support long-term growth in the capital market.
As the market edges closer to the historic 250,000-point mark, investors and analysts are expected to closely monitor corporate earnings releases, monetary policy developments, and foreign investor participation for signals on the next direction of the market.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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