Key points
- NGX says market capitalisation has grown from about ₦30 trillion in May 2023 to over ₦150 trillion.
- Exchange projects market value could reach ₦230 trillion by the end of 2026.
- NGX urges government to list stakes in major national assets to deepen the capital market.
Main story
The Nigerian Exchange Group (NGX) says the market capitalisation of listed companies has increased from about ₦30 trillion in May 2023 to more than ₦150 trillion.
NGX Group Managing Director and Chief Executive Officer, Mr Temi Popoola, disclosed this after NGX and Securities and Exchange Commission (SEC) officials met President Bola Tinubu on Thursday.
The delegation briefed the President on the performance of the capital market, growth prospects and measures required to deepen investor participation.
Popoola said market capitalisation could rise to about ₦230 trillion by the end of 2026, driven by expected major listings, including the proposed listing of the Dangote Refinery.
He said the expansion had created significant wealth for investors and businesses, estimating that between 500,000 and 900,000 new millionaires had emerged through capital market gains.
According to him, the earnings of many listed companies had also increased substantially, with some firms recording as much as five-fold growth since 2023.
Popoola attributed the market’s performance to reforms introduced under the Tinubu administration, including fuel subsidy removal, foreign exchange reforms, the Investment and Securities Act 2025, banking sector recapitalisation and digital transformation initiatives.
He added that banks had raised more than ₦4 trillion through recapitalisation exercises, with the figure expected to exceed ₦5 trillion before the end of the year.
The NGX chief said the exchange presented a vision of a capital market capable of financing infrastructure and supporting Nigeria’s ambition of becoming a one-trillion-dollar economy.
He also urged the Federal Government to accelerate privatisation by listing stakes in major national assets, including Nigeria LNG, Indorama and selected Nigerian National Petroleum Company Ltd. assets.
Popoola said the exchange also sought incentives to encourage more private companies to list on the domestic market instead of pursuing foreign listings exclusively.
He said President Tinubu assured the delegation of his continued support for policies aimed at deepening capital market development.
Earlier, NGX Group Chairman, Alhaji Umaru Kwairanga, said the Nigerian market had recently ranked among the world’s best-performing exchanges, attributing the achievement to ongoing economic reforms and stronger investor confidence.
Also speaking, SEC Director-General, Dr Emomotimi Agama, reaffirmed the commission’s commitment to maintaining market stability and creating an enabling environment for investors and market participants.
The issues
Nigeria’s capital market has recorded significant growth since 2023, supported by economic reforms and increased investor activity. Industry leaders believe additional listings of major public and private assets could further deepen the market, improve liquidity and expand investment opportunities.
What’s being said
“In May 2023, when Mr President came into office, the market capitalisation was just shy of ₦30 trillion. Today, that figure is over ₦150 trillion.” – Mr Temi Popoola, Group Managing Director and Chief Executive Officer, Nigerian Exchange Group.
“The banks have raised over ₦4 trillion and before the end of this year maybe over ₦5 trillion, mostly from domestic investors.” – Mr Temi Popoola, Group Managing Director and Chief Executive Officer, Nigerian Exchange Group.
What’s next
NGX will continue engaging the Federal Government on listing additional national assets and implementing policies aimed at attracting more companies and investors to Nigeria’s capital market.
Bottom line
The Nigerian capital market has experienced rapid expansion over the past three years, with industry leaders expecting further growth if planned reforms, major listings and privatisation initiatives are sustained.
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