The Nigerian Exchange Group (NGX) says the market capitalisation of listed companies has risen from N30 trillion in May 2023 to over N150 trillion.
The NGX Group Managing Director and Chief Executive Officer, Mr. Temi Popoola, said after NGX and Securities and Exchange Commission officials met Nigerian President Bola Tinubu on Thursday that market capitalisation could reach about N230 trillion by the end of 2026, driven by anticipated major listings.
Briefing the President on capital market performance, growth prospects and measures required to deepen participation and attract more investors, Popoola said that identified the proposed listing of the Dangote Refinery among developments expected to further boost market value and investor confidence.
“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,” he said.
According to him, the growth has created substantial wealth for investors and businesses across the country.
Popoola estimated that between 500,000 and 900,000 new millionaires had emerged through gains recorded in the capital market.
He added that earnings of many listed companies had risen sharply with some firms recording up to five-fold growth since 2023.
The NGX chief attributed the market expansion to key reforms introduced under the Tinubu’s administration.
He cited fuel subsidy removal, foreign exchange reforms and the Investment and Securities Act signed into law in 2025.
Popoola also highlighted banking sector recapitalisation and digital transformation initiatives aimed at broadening access to capital market opportunities.
“The banks have raised over N4 trillion and before the end of this year maybe over N5 trillion, mostly from domestic investors,” he said.
He said that the delegation presented a vision of a capital market capable of financing infrastructure and supporting Nigeria’s one-trillion-dollar economy ambition.
Popoola noted that Nigeria could become a major financing hub for Africa if current reforms and policies were sustained.
He said that NGX urged the Federal Government to accelerate privatisation and list stakes in major national assets.
The assets proposed for listing include Nigeria LNG, Indorama and selected Nigerian National Petroleum Company Ltd. assets.
“We pressed Mr. President to consider support for government stakes in these companies to come to the market,” he said.
Popoola said that the exchange also requested incentives to encourage more private firms to list locally rather than seek foreign listings exclusively.
He disclosed that Tinubu assured the delegation of his support and commitment to policies that would deepen market development.
Earlier, the NGX Group Chairman, Alhaji Umaru Kwairanga, said that the Nigerian market was recently ranked among the world’s best-performing exchanges.
He attributed the achievement to the administration’s economic reforms and increased investor confidence in the Nigerian economy.
“We are coming from less than N50 trillion to over N150 trillion and we are still growing.
“These are all part of the success stories of what Mr. President has done,” he said.
In his remarks, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, reaffirmed the commission’s commitment to market stability and sustained growth.
“We will do our best as regulators to provide an enabling environment for participants in the Nigerian capital market,” Agama said.
He thanked investors for their confidence and expressed optimism that the market would continue contributing significantly to economic growth.
GIK/APA