Manny Ita
The Nigerian Exchange (NGX) achieved a historic milestone on January 5, 2026, as its market capitalization surpassed the ₦100 trillion benchmark, settling at approximately ₦101.8 trillion. President Bola Tinubu, in an official statement released on January 8, characterized the achievement as a “powerful signal of renewed investor confidence and economic rejuvenation.” He noted that the All-Share Index’s 51.19% return in 2025 outperformed many global peers, asserting that “Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.” This surge aligns with a new report from PricewaterhouseCoopers (PwC) Nigeria, titled “2026 Nigeria Economic Outlook,” which projects a 4.3% GDP growth for the year. The firm attributes this optimism to improved macroeconomic stability, easing inflation, and a strengthening of foreign reserves to $47 billion.
Parallel to these financial gains, the city of Lagos has seen a significant cultural resurgence, highlighted by the return of the 73rd Eyo Festival. Held at the Tafawa Balewa Square after an eight-year hiatus, the festival, also known as the Adamu Orisha Play, drew thousands of participants clad in traditional white regalia. Speaking at the event, Governor Babajide Sanwo-Olu described the festival as “a living archive of our Yoruba heritage and a symbol of unity, purity, and communal strength.” He reaffirmed his administration’s commitment to the “THEMES Plus” agenda, stating that “our cultural assets can serve as valuable resources for destination promotion” while emphasizing that a people without culture face “extinction” and loss of relevance.
The week’s cultural activities are concluding with the 9th edition of the All Africa Music Awards (AFRIMA), hosted by Nigeria in partnership with the African Union. The five-day program, which began on January 7, included the AFRIMA Music Village concert at Ikeja City Mall on Friday, January 9. Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka, stated that hosting the event reinforces the state’s status as “Africa’s cultural and creative capital.” The celebration will climax on Sunday, January 11, at the Eko Convention Centre, with an awards ceremony hosted by Nigerian entertainer Falz and French-Senegalese media personality Liliane Maroune. Organizers expect the event to reach an audience in over 84 countries, further positioning the creative economy as a primary driver of national development.
