The Nigerian Stock Exchange (NSE) All-Share Index would surpass the 30.000 mark in the first half of this year, returning 15 to 20 percent, analysts said on Wednesday.

This is despite the slow progress of macro-economic policy reforms and sustained insecurity in Northern Nigeria.

The last time the exchange’s benchmark index reached that point was in 2008. During this time the market hit its highest point before the global financial meltdown that led to stock market crashes around the world.

But since the beginning of last year, the market has returned to profitability ending 2012 with a 34 percent return on equity.

“Basically, we hinged our projections on the on-going reforms of the federal government, and other notable macro-economic dynamics,” analysts said in their market review for 2012. The review identifies outlooks for the equities market for this year.

“Major reforms and policies introduced by the government attracted an estimated N1.5 trillion ($9.5 billion) into the country inform of huge foreign portfolio investment. The country still remains investors’ delight as an emerging economy with potentials to give substantial returns on every penny invested while also relatively safe for capital preservation.”