The Nigerian equities market turned in a lukewarm performance in the first quarter of 2025, with the NGX All-Share Index posting a modest 2.66% gain – a far cry from its stellar 39.84% return in the same period last year. This tepid showing came as investors shifted billions into Treasury bills and as Nigeria underperformed regional peers like Ghana and Kenya, though it fared better than South Africa's struggling bourse. The market's direction in coming months now hinges on critical factors including the long-awaited NNPC listing, foreign investor sentiment, and potential sectoral rotations.