At a market capitalisation of ₦92.25 trillion, the Nigerian Exchange (NGX) now represents over 25% of the country’s Gross Domestic Product (GDP), according to MarketForces Africa Research in a recent investor note.
This milestone comes as Nigeria grapples with economic headwinds, including a weakening naira, surging inflation, and a slowdown in private sector activity—factors that have caused the nation to lose its status as Africa’s largest economy.
Following the National Bureau of Statistics’ rebasing exercise, Nigeria’s GDP for 2024 was revised upward to ₦372.82 trillion, equivalent to approximately $243.7 billion. This marks a notable drop from earlier estimates. The World Bank reported Nigeria’s GDP at $472.62 billion in 2022, while 2023 saw a decline to $363.85 billion.
Despite the economic downturn, the Nigerian equities market has shown remarkable performance, with year-to-date returns nearing 42%. Analysts say this growth highlights a widening gap between the financial markets and the broader economy.
“The stock market has become a dividing line between the rich and the poor,” one analyst noted. “If you haven’t made at least 40% returns this year, you probably invested in the wrong asset. The NGX is returning nearly 42% year-to-date. This is a big rich town.”
They added that the disconnect between Wall Street and ‘Main Street’ is becoming more evident in Nigeria’s context.
“Too often, people miss out on wealth creation because they are uninformed or unwilling to follow where capital is flowing. But the reality is clear: the NGX is no longer just about ‘kobo kobo’ gains. It has become a serious wealth-building platform, even as the broader economy struggles.”
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