By Peter Egwuatu

The Nigerian stock market has sustained its positive momentum on Week-on-Week, WoW, as renewed buying interest in blue-chip stocks outweighed widespread profit-taking across the broader market. The benchmark, Nigerian Exchange (NGX) All-Share Index, ASI, closed marginally higher by 0.1%    at 245,573.60 points from 245,283.68 the previous week, arising from sustained institutional demand in fundamentally strong banking, consumer goods and energy stocks, even as many medium and small-cap stocks came under selling pressure.

The week’s performance highlighted the resilience of the market despite cautious investor sentiments, while profit-taking remained evident across several sectors following the strong rally recorded in recent months. Another major performance indicator, NGX market capitalisation surged by N187 billion to close at N158.513 trillion from N158.326 trillion the previous week. Meanwhile, analysis of trading last week showed that a total turnover of 5.359 billion shares worth N139.053 billion in 261,869 deals was traded by investors on the floor of the Exchange, in contrast to a total of 5.119 billion shares valued at N404.762 billion that exchanged hands penultimate week in 285,223 deals. 

The Financial Services Industry (measured by volume) led the activity chart with 3.469 billion shares valued at N73.013 billion traded in 117,509 deals: thus contributing 64.73% and 52.51% to the total equity turnover volume and value respectively.

The Oil & Gas Industry followed with 1.023 billion shares worth N18.900 billion in 17,680 deals. Third place was the ICT Industry, with a turnover of 232.368 million shares worth N14.624 billion in 31,866 deals. Trading in the top three equities, namely Japaul Gold & Ventures Plc, Fortis Global Insurance Plc and FCMB Group Plc (measured by volume), accounted for 2.562 billion shares worth N14.173 billion in 6,645 deals, contributing 47.80% and 10.19% to the total equity turnover volume and value respectively.

Commenting on market performance and outlook, analysts at InvestData Consulting Limited, stated: “Investor attention remained focused on the ongoing corporate earnings season, with market participants positioning ahead of additional half-year financial results and possible interim dividend declarations. “This selective accumulation by institutional investors continues to underpin the market, particularly within the banking sector where expectations of stronger profitability remain high despite prevailing macroeconomic challenges. 

“The energy sector also attracted renewed buying interest following the rebound in international crude oil prices, while selected consumer goods stocks gained on expectations of improved earnings performance. 

“This combination of sector rotation and value hunting continued to define market direction, as investors balanced profit-taking with fresh investments in fundamentally attractive counters.”

By Yinka Kolawole

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has announced the third edition of its Business and Investment Forum in Guangzhou, China, as part of efforts to attract sustainable foreign direct investment (FDI) and support the Federal Government’s ambition of building a $1 trillion economy by 2030.

The forum, scheduled to hold on the sidelines of the 140th Canton Fair, one of the world’s largest trade exhibitions, is designed to connect Nigeria with leading Chinese investors, manufacturers, industrialists and business executives across strategic sectors.

Announcing the initiative, NACCIMA’s Public Relations Officer, Mrs. Madinat Adigun-Oladotun, said the forum aligns with President Bola Tinubu’s Renewed Hope Agenda and is aimed at positioning Nigeria as a preferred destination for investment, manufacturing and industrial development.

She stressed that Nigeria must move beyond being a consumption-driven economy to one anchored on value addition, local manufacturing and industrial growth.

According to her, “Nigeria has the population, natural resources, entrepreneurial spirit and strategic location to serve as the gateway to the African market. To become an economic powerhouse, we must deliberately accelerate industrialisation by prioritising local manufacturing, innovation, value-added processing and reducing our dependence on imports.” She added that achieving the country’s industrial aspirations would require increased investment, improved infrastructure, easier access to finance, advanced technology and stronger international partnerships.

Adigun-Oladotun said NACCIMA established the Guangzhou Business and Investment Forum to build long-term partnerships with credible Chinese investors willing to support Nigeria’s industrial transformation.

She noted that the previous two editions of the forum had strengthened collaboration with the China Chamber of International Commerce (CCOIC) Guangzhou, with the support of Nigeria’s Consul General in Guangzhou, Ambassador Mairo Musa Abbas.

According to her, the partnership is already opening investment opportunities in automobile and electric vehicle manufacturing, agribusiness, renewable energy, pharmaceuticals and industrial park development.

She called on federal, state and local governments, as well as private sector stakeholders, to participate in the trade mission to attract quality investments, promote technology transfer, deepen local manufacturing and create sustainable jobs.

Describing Guangzhou as one of the world’s foremost manufacturing and commercial hubs, she urged Nigerian businesses to leverage the platform to establish strategic partnerships capable of accelerating Nigeria’s industrialisation and economic growth.

The Manufacturers Association of Nigeria (MAN) has said manufacturers are yet to enjoy relief from multiple taxes and levies despite the enactment of the Nigeria Tax Act 2025.

The association disclosed this in its Manufacturers CEO Confidence Index (MCCI) report for the second quarter of 2026, noting that manufacturers continued to grapple with multiple tax collectors and regulatory agencies during the period.

Director-General of MAN, Segun Ajayi-Kadir, said the new tax law, which was expected to reduce the burden of multiple taxation, had yet to deliver the intended benefits.

“Manufacturers complained that they were still met with multiple tax collectors and regulators in Q2 2026. It follows that the implementation of the Nigeria Tax Act 2025 is yet to achieve its objective of relieving manufacturers of the burden of taxes and levies,” he said.

According to the report, Nigeria’s business environment remains largely unsupportive of manufacturing growth, with local sourcing of raw materials emerging as the only indicator that recorded noticeable improvement.

MAN, however, warned that the gains in local sourcing could be undermined by worsening insecurity in parts of the country.

The association attributed the improvement largely to persistent foreign exchange constraints, which have forced many manufacturers to source inputs locally. Nevertheless, it said excessive regulation and multiple taxation continue to weigh heavily on manufacturers.

The report showed that manufacturers recorded a modest increase in sales volume during the second quarter, but rising production, distribution and logistics costs continued to erode profitability.

It added that capacity utilisation, production levels, investment and employment remained broadly unchanged during the review period.

MAN further observed that although recent foreign exchange reforms had helped stabilise the naira, inadequate foreign currency supply remained a major constraint to manufacturing operations.

Other key challenges identified in the report include poor infrastructure, high production costs, raw material shortages and unfavourable trade policies.

The association said the findings underscore the continued pressure on manufacturers despite recent fiscal and foreign exchange reforms, stressing the need for more effective implementation of policies aimed at improving the operating environment for the real sector.