Nigeria’s capital market crossed a historic milestone in early January 2026, with equity market capitalisation surpassing N100 trillion, driven by a combination of economic reforms, regulatory collaboration, and renewed investor confidence.
The achievement capped a strong 2025 performance in which Nigeria’s equity market ranked among the world’s best-performing emerging and frontier markets, despite global monetary tightening, geopolitical tensions, and macroeconomic uncertainty.
Data from the Nigerian Exchange (NGX) showed that the All-Share Index gained 51.19 per cent in 2025 to close at 155,613.03 points, while total equity market capitalisation rose by about N36.6 trillion to approximately N99.38 trillion by year-end, before crossing the N100 trillion mark in January.
President Bola Ahmed Tinubu described the milestone as a reflection of a “new economic reality,” crediting reforms, market discipline, and investor confidence for the turnaround. He noted that Nigeria’s equity market outperformed several global benchmarks and called for increased domestic participation to sustain long-term growth.
Market operators attributed the performance to deliberate structural reforms led by NGX Group in collaboration with regulators and policymakers. The Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, said the focus throughout 2025 was on strengthening governance, improving market infrastructure and building a stable environment for capital mobilisation.
A key contributor to market depth was increased institutional and retail participation, supported by digital platforms such as NGX Invest, which simplified access to public offers and helped raise over N2.8 trillion, including funds linked to bank recapitalisation.
Regulatory alignment also played a critical role. The Securities and Exchange Commission said reforms aimed at transparency, investor protection, and innovation were central to restoring confidence and achieving market stability.
Beyond secondary market gains, the primary market supported broader economic activity, with about N6.49 trillion raised across equity and fixed-income instruments in 2025 to finance infrastructure, business expansion, and fiscal needs.
Analysts said the milestone reflects a shift from short-term speculation to structurally driven growth, positioning Nigeria’s capital market for deeper global integration and long-term sustainability.
