At the recent Parthian Economic Discourse 2025, economist Bismarck Rewane projected that the total market capitalisation of Nigerian Exchange Limited (NGX) could soar to ₦262 trillion by 2026, anchored by new listings, stronger corporate earnings, and improved operational efficiency. “Market cap will climb to N262 trn in 2026 due to new listings, earnings, and efficiency,” Rewane declared.
Rewane emphasised that this anticipated growth is not about speculative optimism, but about solid fundamentals, growth driven by real corporate performance. He stressed that “reform does not just mean policy change but includes institutional reforms and market response,” adding that “what you do with information is the most important thing.”
Still, he cautioned that achieving this milestone depends heavily on how institutions manage the broader economic environment. In particular, he pointed out that transparency in public spending is critical. “The quantum of government expenditure is not as important as its dominance. What you see is what you get, what you don’t see is what gets you,” he warned.
Other speakers at the event, including the chair of the board of Africa Finance Corporation and the head of Parthian Pensions, echoed the need for careful sequencing of reforms and stronger domestic capital mobilisation. They stressed that reforms should translate into real improvements in inflation management, infrastructure, education, and overall quality of life and that pension funds, which have grown from a deficit of ₦2.4 trillion in 2004 to over ₦26 trillion today, are playing a growing role in real-sector investment.
Latest Market Context
As of mid-2025, NGX had recorded a market cap of ₦126.73 trillion, up 16% from the beginning of the year, a sign of renewed investor confidence and inflows.
By late November 2025, total market capitalisation stood around ₦91.3 trillion following a period of volatility, partly driven by investor nervousness over proposed capital gains tax increases and macroeconomic headwinds.
The stock market’s 2025 gains reflect factors such as foreign-exchange reforms, improved liquidity, recapitalisation of the banking sector, and regulatory changes reshaping the insurance industry.
If NGX achieves a ₦262 trillion market cap by 2026, it would represent a massive increase in domestic capital formation, a strong signal that Nigeria’s capital markets are becoming a more meaningful pillar of economic growth beyond oil. Such growth could deepen liquidity, boost business investment, and attract both local and foreign investors, helping diversify the economy and support broader development goals.
