Consumer goods and banking stocks have been identified as key drivers of investment opportunities in the Nigerian capital market, according to Laura Fisayo-Kolawole, Head of Equities and Alternative Solutions at First Asset Management. She made the comments during the Nigeria Economic Outlook 2026, organised by FirstBank under the theme, ‘The Great Recalibration: Mastering Resilience in an Era of Asynchronous Growth.’
Fisayo-Kolawole highlighted the robust performance of the Nigerian Exchange (NGX) in 2025, noting that the All-Share Index closed at 155,613.03 points, a 51.19 per cent year-to-date increase. Sectoral performance was led by consumer goods (+129.6%), insurance (+65.5%), industrial goods (+58.9%), and banking (+39.8%).
“The banking sector benefits directly from macroeconomic recovery, strong capital positions, and effective cost management, which should support continued earnings momentum into 2026,” she said. She also pointed to industrial goods, particularly cement producers, as beneficiaries of Nigeria’s infrastructure deficit, and consumer staples as resilient due to consistent demand for essential goods.
Fisayo-Kolawole emphasized Nigeria’s attractiveness to global capital amid declining yields in other markets and noted that moderating inflation—from 34.9 per cent in December 2024 to 14.4 per cent recently—has improved purchasing power and business confidence.
She further highlighted alternative investment opportunities, including infrastructure and private credit, as underappreciated areas with strong security packages and robust cash flow structures. “Investors should take a broader portfolio view, considering equities, fixed income, and alternative assets such as infrastructure and real estate,” she advised.
Nigeria’s relatively low price-to-earnings ratios—around 6.1 times compared to 7–8 times in peer African markets—position the country as a compelling destination for both domestic and foreign investors.
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