The Nigerian Exchange Group (NGX) has disclosed that the value of listed equities on the Nigerian capital market has risen from about N30 trillion in 2023 to N160 trillion, with expectations that the figure could climb further to N230 trillion before the end of 2026.
The disclosure was made when the Board and Management of NGX, led by Chairman Dr. Umaru Kwairanga and Group Managing Director/Chief Executive Officer, Temi Popoola, visited President Bola Ahmed Tinubu at the State House, Abuja.
The President, while receiving the delegation, attributed the rebound in the capital market to the commitment of his economic management team and ongoing reforms aimed at stabilising the economy and restoring investor confidence.
Tinubu commended key members of the economic team, including the Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele; Minister of Budget and National Planning, Senator Atiku Bagudu; Central Bank of Nigeria (CBN) Governor, Yemi Cardoso; and Chairman of the National Revenue Service (NRS), Dr Zacch Adedeji, for their contributions to the economic recovery programme.
The President said the performance of the stock market reflected broader improvements in the economy, noting that a strong capital market was essential to wealth creation, investment growth and national prosperity.
“If the stock market is doing well, then we are doing well,” Tinubu said, adding that Nigeria must continue to encourage private sector investment because government alone cannot create the jobs and prosperity needed by citizens.
The President also reiterated his administration’s ambition of building a $1 trillion economy, saying Nigeria’s population, entrepreneurial capacity and resources provided the foundation to achieve the target.
He further disclosed that the Nigerian National Petroleum Company Limited (NNPC) would be reformed and listed on the capital market as part of efforts to deepen participation and unlock value.
Earlier, Finance Minister Taiwo Oyedele described Nigeria’s capital market as one of the best-performing markets globally, attributing the growth to economic reforms introduced by the administration.
Oyedele said the market remained one of the fastest ways to create wealth for Nigerians, urging regulators and operators to introduce more innovations that would attract young people who currently channel funds into virtual assets and gambling.
He also called for simplified listing requirements to encourage more companies and investors to participate in the market, challenging the NGX and the Securities and Exchange Commission (SEC) to work towards expanding the market to a $1 trillion valuation.
Providing details of the market performance, NGX Group CEO Temi Popoola said the All-Share Index had risen from 52,000 points in 2023 to 244,000 points, describing the growth as unprecedented.
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According to him, the surge in market value has created significant wealth for investors, with estimates suggesting that between 500,000 and 900,000 millionaires have emerged from the market expansion linked to ongoing reforms.
NGX Chairman Umaru Kwairanga said Nigeria’s capital market revival had attracted international attention, noting that the country’s experience was becoming a reference point for other African markets seeking to deepen their financial systems.
Meanwhile, CBN Governor Yemi Cardoso said the successful recapitalisation of Nigerian banks demonstrated increased confidence in the country’s financial system, noting that about 75 per cent of the funds raised came from domestic sources.
He added that sustained macroeconomic stability would continue to attract investment capable of supporting growth in the real sector.
