Business
Nigeria’s stock market surpasses South Korea as world’s top-performing equity market
Nigeria’s stock market surpasses South Korea as world’s top-performing equity market
Nigeria’s stock market has emerged as the world’s best-performing equity market, overtaking South Korea as a combination of stronger economic fundamentals, policy reforms, improved foreign exchange liquidity and renewed investor confidence continues to fuel a remarkable rally on the Nigerian Exchange (NGX).
The latest performance marks a significant milestone for Nigeria’s capital market, with analysts attributing the surge to sustained reforms, firmer global oil prices, currency stability and growing optimism among domestic and international investors.
While South Korea’s market has struggled amid a global technology sell-off and a weakening currency, Nigeria has benefited from improving macroeconomic conditions that have boosted investor sentiment and strengthened capital inflows.
One of the major factors behind the contrasting performances has been currency movements.
The South Korean won has depreciated by about five per cent against the US dollar this year, making it one of Asia’s weakest-performing currencies and reducing returns for foreign investors.
In contrast, the naira has appreciated by about four per cent against the dollar since January, significantly enhancing dollar-denominated returns for foreign investors and helping propel the Nigerian market to the top of global rankings.
The rally has been driven largely by financial services stocks, with banking and insurance companies posting substantial gains.
Among the standout performers is Fortis Global Insurance Plc, which has delivered an estimated 1,400 per cent return in dollar terms this year, making it one of the strongest-performing stocks on the exchange.
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Unlike South Korea, whose stock market is heavily concentrated in technology and artificial intelligence companies, Nigeria’s listed firms have relatively limited exposure to the sector.
That difference has shielded the local market from the recent global sell-off in technology stocks, allowing investors to maintain confidence in Nigerian equities.
Investor sentiment also received a significant boost after S&P Dow Jones Indices (S&P DJI) placed Nigeria on its 2027 Country Classification Watchlist for a possible upgrade from a “Standalone” market to a Frontier Market.
Although the move does not amount to an immediate reclassification, it is widely regarded as a major endorsement of Nigeria’s ongoing capital market reforms.
According to S&P DJI, improvements in market regulation, accessibility, transparency, enforcement and overall market integrity were among the key reasons for placing Nigeria under review.
The global index provider noted that continued policy consistency and operational resilience would be crucial in determining whether Nigeria qualifies for Frontier Market status during the 2027 review.
The Nigerian market extended its impressive rally on July 8, 2026, when the NGX All-Share Index climbed 2.27 per cent to close at 242,459.98 points, compared with 237,083.28 points recorded a day earlier.
Market capitalisation also increased by N3.45 trillion, rising to N155.59 trillion as investors returned strongly to the market.
The latest gains pushed the market’s year-to-date return to 55.81 per cent, a sharp rebound from 46.78 per cent recorded on July 7 and effectively erased losses suffered during the June market correction.
Telecommunications giant Airtel Africa played a pivotal role in the rally after its shares appreciated by the maximum daily limit of 10 per cent to close at N5,801.40, providing significant support for the benchmark index.
In a statement, the Nigerian Exchange described the S&P DJI watchlist decision as a positive signal that Nigeria’s recent regulatory and structural reforms are gaining recognition from one of the world’s leading index providers.
The exchange noted that while the watchlist status does not automatically translate into an upgrade, it demonstrates growing international confidence in the direction of Nigeria’s capital market.
Nigeria’s capital market has undergone a series of reforms led by the Securities and Exchange Commission (SEC) in collaboration with NGX Group, the Central Securities Clearing System (CSCS) and other stakeholders.
The reforms have focused on strengthening investor protection, improving market transparency, enhancing operational efficiency, modernising post-trade infrastructure and aligning Nigeria’s market with international best practices.
According to the Director-General of the SEC, Dr. Emomotimi Agama, the Commission remains committed to building a modern and efficient capital market capable of supporting innovation, intelligent investing and long-term economic growth.
He said the reform agenda includes faster settlement systems, tokenised securities and deeper derivatives markets aimed at making Nigeria’s capital market more competitive globally.
Agama reaffirmed the SEC’s commitment to maintaining a fair, orderly and transparent market while working closely with exchanges, market operators and other stakeholders to strengthen investor confidence and market integrity.
Also reacting to the development, NGX Group Managing Director and Chief Executive Officer, Temi Popoola, described Nigeria’s inclusion on the S&P DJI watchlist as an encouraging endorsement of the country’s reform efforts.
He said the recognition reflects the collective work of regulators, market infrastructure institutions and operators in building a more transparent, efficient and globally competitive marketplace.
According to Popoola, although the watchlist status does not yet amount to a formal market reclassification, it validates the progress already made and reinforces Nigeria’s attractiveness to both domestic and international investors.
He added that the NGX would continue working with stakeholders to deepen market liquidity, improve accessibility, strengthen investor confidence and sustain reforms capable of positioning Nigeria as a preferred investment destination.
Despite the optimism surrounding the market’s global ranking, some analysts believe the achievement should be viewed with caution.
Market analyst and investor Adeleke Adebayo argued that the development would only be meaningful if it translates into tangible benefits for ordinary Nigerians and local investors.
According to him, celebrating Nigeria’s emergence as the world’s best-performing stock market means little if the gains do not improve living standards or strengthen the broader economy.
He noted that the capital market lost more than N13 trillion in market capitalisation during the recent correction and said attention should remain focused on addressing inflation, economic growth, job creation and the welfare of citizens.
Adebayo questioned whether outperforming countries such as South Korea would have any practical value unless it leads to stronger businesses, improved household incomes and measurable economic progress.
He maintained that the true success of the market should ultimately be judged by its ability to support economic development, attract sustainable investment and positively impact the lives of Nigerians.
While opinions differ on the significance of the latest ranking, analysts agree that maintaining the market’s momentum will depend on sustained policy consistency, macroeconomic stability, stronger corporate earnings and the successful implementation of ongoing reforms aimed at deepening Nigeria’s capital market.
Nigeria’s stock market surpasses South Korea as world’s top-performing equity market
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Auto
Jetour W Motors Celebrates Customers, Unveils Nigeria Owners Club After Brazil Promo
Jetour W Motors Celebrates Customers, Unveils Nigeria Owners Club After Brazil Promo
Jetour W Motors Nigeria is stepping up efforts to strengthen customer loyalty and build a vibrant community of vehicle owners with the successful conclusion of its #WinYourWayToBrazil campaign and the official establishment of the Jetour Nigeria Club.
The twin initiatives mark a new phase in the Chinese automotive brand’s engagement with Nigerian customers, extending its relationship with vehicle owners beyond sales and after-sales services to include shared experiences, lifestyle activities, adventures and community-building programmes.
The campaign climaxed with a live raffle draw on Friday, September 25, 2026, at the Jetour W Motors showroom on Adeyemo Alakija Street, Victoria Island, Lagos, where eligible customers gathered for an evening of entertainment, refreshments, networking and the eagerly anticipated announcement of the winner.
The promotion offered customers who ordered and purchased any Jetour vehicle between August 18 and September 20, 2026, the opportunity to win a trip to Brazil for the Jetour Brazil Fan Festival.
The event also featured the distribution of branded Jetour Owners Club gifts, adding to the celebratory atmosphere as customers interacted with one another and members of the Jetour team.
Beyond the excitement surrounding the raffle draw, the occasion provided a platform for Jetour W Motors to unveil the Jetour Nigeria Club, an initiative designed to bring owners of the brand’s vehicles together through a structured calendar of activities and shared experiences.
The club, officially established for the first time in Nigeria, is expected to create opportunities for members to participate in organised adventures, social gatherings and other community initiatives while strengthening their connection with the brand.
Registration for membership will open soon, with all Jetour owners invited to join the emerging community.
The development reinforces Jetour W Motors Nigeria’s strategy of building lasting relationships with customers in a competitive automotive market where ownership experience, customer engagement and brand loyalty are becoming increasingly important.
The #WinYourWayToBrazil campaign follows the successful Jetour Africa Expedition — Nigeria Edition, which brought together Jetour owners, influencers, media professionals and members of the company’s team for a distinctive experience combining driving, adventure and Nigerian culture.
The expedition was the brand’s first major activation specifically designed to bring Jetour owners together in Nigeria, providing an opportunity for participants to connect beyond their individual vehicle ownership experiences.
With the Brazil campaign and the launch of the national owners’ club, Jetour W Motors is building on that foundation by creating more opportunities for customers to interact, participate in brand-led activities and develop relationships with fellow owners.
The approach reflects a broader effort to position vehicle ownership as an experience that extends beyond the showroom, encompassing lifestyle, recreation and a sense of belonging to a growing community.
Jetour W Motors Nigeria is the authorised distributor of Jetour vehicles in the Nigerian market, where the brand continues to expand its presence through customer-focused initiatives and engagement programmes.
The planned opening of membership registration for the Jetour Nigeria Club is expected to provide the next opportunity for owners to become part of the community and participate in activities designed to deepen their connection with the brand.
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Auto
FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
FRSC hands over Safeline Bank to ROBOPAY, targets digital financial transformation
The Federal Road Safety Corps (FRSC) has handed over ownership of Safeline Microfinance Bank to ROBOPAY NIG. LTD., paving the way for a major recapitalisation and technology-driven transformation of the financial institution.
The divestment, which took place on Monday, October 5, 2026, at the bank’s premises in Abuja, is expected to reposition Safeline Microfinance Bank for stronger competitiveness, improved service delivery and sustainable growth in Nigeria’s rapidly evolving financial services sector.
The development, according to a statement by the Corps Public Education Officer, Osondu Ohaeri, is part of the strategic efforts under the leadership of the Corps Marshal, Shehu Mohammed, to reposition the institution for greater efficiency and competitiveness.
Safeline Microfinance Bank was established by the FRSC to provide financial services and opportunities to members of the Corps and other stakeholders.
Speaking at the handover ceremony, Chairman of the Board of Safeline Microfinance Bank, Ibrahim Babagana, a Deputy Corps Marshal (Rtd.), said the decision to divest the bank followed a careful assessment of the prevailing regulatory environment and emerging government policies affecting the microfinance banking industry.
Babagana said sustaining the bank under the changing financial landscape would require substantial additional capital, greater investment in technology and enhanced human capital.
He explained that the Board therefore resolved to transfer ownership to an investor with the capacity, resources and commitment to make the required investments and place the bank on a sustainable growth trajectory.
The former FRSC chief expressed confidence in ROBOPAY, saying the company had demonstrated the competence, commitment and vision required to build on the foundation established by the Corps and take Safeline Microfinance Bank to a new level.
He identified strengthening the bank’s capital base, deploying modern technology and investing in human resources as critical priorities for its survival and competitiveness in the increasingly digital financial services market.
Responding on behalf of ROBOPAY NIG. LTD, Malam Aliyu Abiodun thanked the Board and management of Safeline Microfinance Bank for the confidence reposed in the company, describing the acquisition as a significant milestone and an opportunity to unlock the institution’s considerable potential.
Abiodun said the bank already had valuable assets, structures and an institutional foundation which the new owners would build upon through strategic investments in financial technology, capital and human resources.
He said ROBOPAY would deploy FinTech solutions to modernise the bank’s operations, improve customer experience, expand its service offerings and strengthen its competitive position within Nigeria’s financial services industry.
According to him, the new ownership would retain and leverage the institutional foundation created by the FRSC while introducing innovative technology-driven solutions capable of opening new growth opportunities for the bank.
The transaction thus signals more than a change in ownership, as it ushers Safeline Microfinance Bank into a new phase anchored on recapitalisation, digital innovation and professionalised financial services.
Both parties expressed commitment to ensuring a seamless transition, with the ultimate objective of building a stronger, more competitive and sustainable institution capable of delivering greater value to its customers and stakeholders.

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Business
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
Nigeria’s crude oil export earnings rose to $9.39 billion in the second quarter of 2026, with improved pipeline security, higher production and greater stability in the Niger Delta supporting the stronger performance.
Provisional Balance of Payments (BOP) data showed that Nigeria’s total goods exports increased to $20.08 billion in Q2, up from $15.56 billion in the first quarter.
Crude oil exports increased by 15.78 per cent to $9.39 billion, while natural gas exports climbed by 40.15 per cent to $3.63 billion.
The improvement has renewed attention on the role of pipeline security in protecting Nigeria’s oil production and ensuring that crude reaches evacuation points and export terminals.
Among the companies involved in pipeline surveillance in the Niger Delta is Tantita Security Services Nigeria Limited (TSSNL), which was engaged by the Federal Government to protect oil pipelines and other critical petroleum infrastructure.
Tantita’s operations, carried out alongside government security agencies, have focused on tackling oil theft, illegal bunkering and pipeline vandalism and improving the security of facilities used to transport crude oil.
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Industry stakeholders have linked the improved operating environment in the Niger Delta to increased crude production and stronger export performance. However, the rise in export earnings cannot be attributed to Tantita alone, as production volumes, international oil prices, investments, operational efficiency and wider government measures also influence export receipts.
The broader export figures also showed significant improvements across other sectors of the petroleum industry.
Refined petroleum product exports increased by 66.24 per cent to $3.94 billion, while non-oil exports rose by 25.30 per cent to $3.12 billion during the quarter.
At the same time, Nigeria’s crude oil imports fell sharply from $1.39 billion in Q1 to $580 million in Q2, further strengthening the country’s external position.
The stronger export performance helped push Nigeria’s current account surplus to $7.54 billion, representing a 67.93 per cent increase from the $4.49 billion recorded in Q1. The figure was also higher than the $5.17 billion recorded in Q2 2025.
The increase in the current account surplus was driven largely by higher export earnings and an improved goods account.
The rise in crude earnings also coincided with stronger production, with Nigerian crude output reaching about 1.56 million barrels per day in June 2026, excluding condensates.
The development is significant for Nigeria, which has struggled in recent years to consistently meet its production potential because of crude oil theft, pipeline vandalism, ageing infrastructure and underinvestment in the upstream sector.
Improving security around oil-producing assets has therefore become a key part of efforts to raise output and increase foreign-exchange earnings.
Tantita, led by High Chief Government Oweizide Ekpemupolo, popularly known as Tompolo, has been at the centre of the Federal Government’s pipeline surveillance arrangement in the Niger Delta.
Stakeholders, however, say sustained growth in oil earnings will require more than surveillance operations. They have called for continued investment in exploration and field development, improved infrastructure, enhanced recovery from mature fields and faster development of major deepwater projects.
The Federal Government has also been pursuing measures aimed at attracting fresh investment into Nigeria’s upstream sector, including fiscal incentives for deepwater oil and gas projects.
For Nigeria, the latest export figures offer a boost at a time when the country is seeking stronger foreign-exchange inflows, increased oil production and greater fiscal revenues.
The challenge now is to sustain the improvement by keeping petroleum infrastructure secure, reducing crude losses and ensuring that higher production translates into consistent export earnings and broader economic benefits.
Tantita Operations Push Oil Export Earnings to $9.39bn in Q2
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