The Nigerian Exchange Limited (NGX) has announced that it recorded N5.31 trillion in new listings over the first nine months of 2025, as “FGN Bonds outshine corporates” in attracting investor funds. This is a development that underscores the growing role of the capital market in Nigeria’s economic strategy.
Data from NGX reveal that of the N5.31 trillion total, corporate listings accounted for N2.23 trillion, while Federal Government of Nigeria (FGN) bonds and corporate bond listings contributed N2.99 trillion and N84.5 billion, respectively. In a striking detail, ten banks alone accounted for N2.2 trillion, nearly 99 percent of the corporate listing volume as they worked to meet the Central Bank of Nigeria’s new paid‑up capital requirements.
Among the banks taking key positions were Wema Bank Plc, FCMB Group Plc, GTCO, Stanbic IBTC Holdings, Sterling Financial Holdings, UBA, First HoldCo, Fidelity Bank, Zenith Bank, and Access Holdings. GTCO, Access Holdings, and Zenith each listed over N350 billion during the reporting period as part of their recapitalisation efforts.
The strong showing for FGN bonds is partly attributed to their attractive yields, which analysts say appealed to risk‑aware investors. The oversubscription levels in these offerings suggest confidence in the federal government’s capacity to service its debts.
NGX’s leadership expressed confidence in the market’s trajectory. Temi Popoola, Group Managing Director of NGX Group Plc, said the exchange is leveraging “technology and innovation to support private and public sector financing.” He emphasized a commitment to building a “dynamic, inclusive, and globally competitive capital market.” NGX Chief Executive Jude Chiemeka added that the exchange would continue helping subnational governments access capital markets through tailored instruments.
The listing activity also extended beyond banks. Legend Internet Plc listed by introduction approximately N11.28 billion, while Multi‑Trex Integrated Foods Plc raised N3.25 billion via private placement. Ellah Lakes Plc converted debt to equity to list shares worth N3.09 billion, and Lasaco Assurance Plc carried out a N11.1 billion private placement. On the corporate bond side, Craneburg EKSG Motorway Company Plc issued N32.5 billion, TSL SPV Plc raised N5 billion, and Dangote Cement Plc listed N38.2 billion in bonds.
Analysts say the primary market’s performance — bolstered by a 38.65 percent return over nine months illustrates the capital market’s depth and liquidity. With the stock market’s capitalization rising from N62.76 trillion to N90.58 trillion in that period, many attribute the gains to improved forex stability, capital inflows, and reforms in banking and insurance sectors.
As Nigeria pursues its $1 trillion economic goal, observers believe that a robust capital market can play a major role, especially if more corporations and governments turn to it for funding under supportive policy frameworks.
