The Nigerian Exchange Group (NGX) says the total market capitalisation of listed companies has increased from nearly N30 trillion in May 2023 to more than N150 trillion, reflecting stronger investor activity and market growth.
The NGX Group Managing Director and Chief Executive Officer, Temi Popoola, disclosed this on Thursday after a delegation from the NGX and the Securities and Exchange Commission (SEC) met President Bola Tinubu.
Popoola said the delegation briefed the President on developments in the capital market, future growth prospects and measures to attract more investors and deepen participation.
He projected that market capitalisation could rise to about N230 trillion by the end of 2026, driven partly by expected major listings, including the proposed listing of Dangote Refinery.
“In May 2023, when Mr President came into office, the market capitalisation was just shy of N30 trillion. Today, that figure is over N150 trillion.”
According to Popoola, the market’s expansion has generated significant wealth for investors and businesses, with an estimated 500,000 to 900,000 new millionaires emerging from gains in the capital market.
He attributed the growth to economic and financial reforms, including the removal of fuel subsidies, foreign exchange reforms, the 2025 Investment and Securities Act, banking sector recapitalisation and digital initiatives.
Popoola said Nigerian banks had raised more than N4 trillion, mainly from domestic investors, with the figure expected to exceed N5 trillion by the end of the year.
The NGX chief said the delegation also urged the Federal Government to accelerate the listing of stakes in major national assets, including Nigeria LNG, Indorama and selected assets of the Nigerian National Petroleum Company Ltd.
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He said such listings would expand investment opportunities and help position Nigeria as a major financing hub for Africa.
NGX Group Chairman, Alhaji Umaru Kwairanga, said the Nigerian capital market had recently ranked among the world’s best-performing exchanges, attributing the performance to economic reforms and improved investor confidence.
Meanwhile, the SEC Director-General, Emomotimi Agama, reaffirmed the regulator’s commitment to maintaining market stability and creating a favourable environment for sustained investment and growth.
