The Nigerian Exchange Group, NGX, says the market capitalization of listed companies has risen from nearly N30 trillion in May 2023 to more than N150 trillion.
NGX Group Managing Director and Chief Executive Officer, Temi Popoola, disclosed this after officials of the NGX and the Securities and Exchange Commission, SEC, met with President Bola Tinubu to discuss capital market performance, growth prospects and measures to attract more investors.
Popoola said the market capitalization could reach about N230 trillion by the end of 2026, driven by anticipated major listings, including the proposed listing of Dangote Refinery.
“In May 2023, when Mr President came into office, the market capitalization was just shy of N30 trillion. Today, that figure is over N150 trillion,” he said.
According to Popoola, the growth had created substantial wealth for investors and businesses across the country. He estimated that between 500,000 and 900,000 new millionaires had emerged through gains recorded in the capital market.
He added that the earnings of many listed companies had risen sharply, with some firms recording up to five-fold growth since 2023.
Popoola attributed the market expansion to key reforms introduced under the Tinubu administration, including fuel subsidy removal, foreign exchange reforms and the Investment and Securities Act signed into law in 2025.
He also cited banking sector recapitalization 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.
Popoola said the delegation presented a vision of a capital market capable of financing infrastructure and supporting Nigeria’s ambition of becoming a one-trillion-dollar economy.
He noted that Nigeria could become a major financing hub for Africa if current reforms and policies were sustained.
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Popoola said the NGX urged the Federal Government to accelerate the privatization and listing of stakes in major national assets.
The assets proposed for listing include Nigeria LNG, Indorama and selected assets of the Nigerian National Petroleum Company Ltd.
“We pressed Mr President to consider support for government stakes in these companies to come to the market,” he said.
Popoola said 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 aimed at deepening the development of the capital market.
Earlier, NGX Group Chairman, Umaru Kwairanga, said the Nigerian market had recently been 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 today over N150 trillion and we are still growing. “These are all part of the success stories of what Mr President has done,” he said.
Kwairanga said the President also expressed support for listing additional national assets to broaden wealth creation opportunities.
Also speaking, SEC Director-General, 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 to contribute significantly to economic growth.
NAN
