Abuja: The Nigerian Exchange Group (NGX) has reported a significant increase in the market capitalisation of listed companies, which has risen from N30 trillion in May 2023 to over N150 trillion. This development was announced by NGX Group Managing Director and Chief Executive Officer, Mr. Temi Popoola, following a meeting between officials from NGX, the Securities and Exchange Commission, and President Bola Tinubu.
According to News Agency of Nigeria, the delegation briefed President Tinubu on the capital market’s performance, growth prospects, and necessary measures to further deepen participation and attract more investors. Mr. Popoola revealed that market capitalisation could potentially reach around N230 trillion by the end of 2026, driven by anticipated major listings, including the proposed listing of the Dangote Refinery.
Mr. Popoola highlighted that the growth in market capitalisation has created substantial wealth for investors and businesses nationwide, estimating that between 500,000 and 900,000 new millionaires have emerged due to gains recorded in the capital market. He noted that the earnings of many listed companies have risen sharply, with some firms experiencing up to five-fold growth since 2023.
The NGX chief attributed this market expansion to key reforms introduced under President Tinubu’s administration. These include the removal of fuel subsidies, foreign exchange reforms, and the enactment of the Investment and Securities Act in 2025. Additionally, he highlighted banking sector recapitalisation and digital transformation initiatives aimed at broadening access to capital market opportunities.
Mr. Popoola further stated that the banks have raised over N4 trillion, with expectations to surpass N5 trillion by the end of the year, primarily from domestic investors. The delegation presented a vision of a capital market capable of financing infrastructure and supporting Nigeria’s ambition of a one-trillion-dollar economy, suggesting that Nigeria could become a major financing hub for Africa if current reforms and policies are sustained.
The NGX urged the Federal Government to accelerate privatisation and consider listing stakes in major national assets, including Nigeria LNG, Indorama, and selected Nigerian National Petroleum Company Ltd. assets. Mr. Popoola mentioned that President Tinubu has assured his support and commitment to policies that would deepen market development.
Earlier, NGX Group Chairman, Alhaji Umaru Kwairanga, stated that the Nigerian market was recently ranked among the world’s best-performing exchanges, attributing this success to economic reforms and increased investor confidence. He expressed optimism that these developments would continue to drive market growth.
SEC Director-General, Dr. Emomotimi Agama, reaffirmed the commission’s commitment to market stability and sustained growth, thanking investors for their confidence and expressing optimism about the market’s continued contribution to economic growth.