As trading activity on the Nigerian Exchange (NGX) settles into 2026, clear leadership is beginning to emerge across key sectors. Institutional investors are already rotating capital away from late-2025 volatility and repositioning into energy, banking, industrials, telecoms, and selective consumer goods stocks.

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According to a Money Central analysis, this repositioning is being driven by earnings visibility, regulatory developments, dividend expectations, and broader macroeconomic adjustments.

Based on year-to-date (YTD) performance, analysts’ positionings, and investors’ confidence, below are five Nigerian stocks to watch and potentially buy in February 2026, ranked by performance.

1. Aradel Plc

Aradel Plc is currently the best-performing stock on the NGX-30 Index, posting a 16.42% gain year-to-date. This comfortably exceeds the NGX All-Share Index, which is up 6.36% over the same period.

The rally reflects growing confidence in the company’s earnings outlook, particularly following its acquisition of an additional 40% equity stake in ND Western. The transaction strengthens Aradel’s upstream exposure and supports expectations of stronger and more predictable cash flows over the medium to long term.

2. Lafarge Africa Plc

Lafarge Africa ranks second on the NGX-30 performance table in early 2026, with a year-to-date return of 15.99%, ahead of larger peers such as Dangote Cement and BUA Cement.

The company delivered record results for the period ended September 2025, with revenue rising 62.77% year-on-year to N780.48 billion. The performance was driven by improved sales volumes and sustained construction activity.

Strong earnings have fuelled expectations of an above-average dividend payout, supporting renewed investor interest. While Dangote Cement and BUA Cement are positioning for export-led growth under AfCFTA, Lafarge’s operational efficiency has made it the preferred industrial stock so far this year.

3. Seplat Energy Plc

Seplat Energy is the third-best performing stock on the NGX-30 Index, gaining 15.34% year-to-date, and remains one of the exchange’s most strategically important energy plays.

Investor focus has shifted following the successful delivery of First Gas from the ANOH gas project. The development has strengthened Seplat’s domestic gas profile, aligning with the Federal Government’s priorities around power generation and industrial gas supply.

Wet gas production has stabilised between 40 and 52 MMscfd, supplying the Indorama Petrochemical Plant. This domestic revenue stream is widely viewed as more stable than export-dependent crude oil earnings.

Seplat has also announced a new dividend framework, committing to return 40–50% of free cash flow between 2026 and 2030, with a minimum annual payout of $120 million, subject to Brent crude prices averaging above $50 per barrel.

4. Zenith Bank Plc

Zenith Bank is the strongest-performing banking stock so far in 2026, with a 14.89% gain year-to-date, placing it fourth overall on the NGX-30 Index.

The central theme shaping the banking sector remains recapitalisation, with an April deadline prompting investors to favour Tier-One institutions. As a result, funds are flowing out of mid-tier lenders and into established names such as Zenith Bank, GTCO, UBA, Access Holdings, and First HoldCo.

Zenith’s solid balance sheet, consistent earnings, and reliable dividend history continue to position the stock as a defensive play amid regulatory tightening.

5. MTN Nigeria Communications Plc

MTN Nigeria is the fifth-best performer on the NGX-30 Index this year, with a 13.50% gain, and has clearly outpaced Airtel Africa, which has delivered a flat return so far in 2026.

The stock recently reached an all-time high of N605 per share on January 13, 2026, breaking through key resistance levels on strong trading. Analysts see this as a positive technical signal, with some projecting a near-term target around N650.

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