By Onyekachi Victoria Philip
Nigeria’s capital market has recorded a major turnaround in the last three years, with the Nigerian Exchange Group (NGX) revealing a sharp rise in the value of listed stocks and projecting further growth before the end of 2026.
The development was disclosed on Thursday when the Board and Management of the NGX presented its latest market performance report at the State House.
According to the NGX, the total value of listed stocks, which stood at nearly N30 trillion when President Bola Tinubu assumed office in 2023, has now risen to N160 trillion.
The Group Managing Director and Chief Executive Officer of NGX, Temitope Popoola, said the figure could climb to N230 trillion by the end of the year as more companies list on the exchange.
The market’s All-Share Index has also recorded a significant increase, moving from about 52,000 points in 2023 to 244,000 points.
Popoola said the growth had also created substantial wealth for investors, with the NGX estimating that between 500,000 and 900,000 millionaires may have emerged as a result of the market gains and economic reforms.
The Chairman of NGX, Umaru Kwairanga, attributed the development to economic reforms, saying Nigeria has the resources and human capacity required to build a $1 trillion economy.
He said the Nigerian capital market had been underutilised for years but was now attracting attention from other African markets seeking ways to strengthen their own exchanges.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the capital market as a major avenue for creating wealth for millions of Nigerians.
Oyedele called for simpler processes that would enable more Nigerians, particularly young people, to participate in the market.
He also challenged the NGX and the Securities and Exchange Commission to target a $1 trillion capital market.
Responding to the development, President Bola Tinubu commended the economic management team and financial sector institutions for the reforms that have supported the market’s growth.
Tinubu said the performance of the stock market was an important reflection of the state of the economy and expressed confidence that Nigeria could achieve a $1 trillion economy.
The President also disclosed that the Nigerian National Petroleum Company Limited would be reformed and listed on the capital market.
Meanwhile, Central Bank Governor Olayemi Cardoso highlighted the successful recapitalisation of the banking sector, saying about 75 per cent of the resources raised came from domestic sources.
He said the development demonstrated growing confidence in Nigeria’s financial system and could help attract investment into the real sector.
With the market already recording substantial growth and more listings expected, attention is now turning to whether the NGX can achieve its projected N230 trillion valuation before the end of the year.