This week, Nigeria strengthened its position in continental capital markets, South Africa secured a landmark sovereign ratings upgrade, private-sector activity weakened across more economies, and investors continued to reposition portfolios amid growing uncertainty.
Together, the developments underscore both the opportunities and challenges facing African economies as they navigate a more volatile global environment.
Here are the stories shaping the week
Nigeria overtakes Morocco to become Africa’s second-largest stock market
Nigeria has emerged as Africa’s second-largest stock market, overtaking Morocco after a prolonged rally that has transformed the Nigerian Exchange Limited into one of the continent’s best-performing bourses. Data compiled by Afridigest from African Markets showed the NGX was valued at $117 billion as of May 15, 2026, trailing only South Africa’s Johannesburg Stock Exchange, which remains the continent’s largest market with a capitalization of about $1.5 trillion.
Why it matters: The milestone reflects growing investor confidence in Nigeria’s reform agenda
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