LAGOS: Nigeria’s stock market has recorded significant growth over the past three years, with the value of listed equities rising from about N30 trillion in 2023 to N160 trillion in 2026, according to the Nigerian Exchange Group (NGX).
The exchange has projected that the value of listed equities could rise further to N230 trillion before the end of 2026, reflecting growing investor confidence and improved activity in Nigeria’s capital market.
The development was disclosed when the NGX Chairman, Dr Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, led a delegation to meet President Bola Tinubu at the State House in Abuja.
President Tinubu commended the NGX leadership and members of his Economic Management Team for what he described as progress in stabilising the economy and strengthening the capital market.
The President said his administration’s economic reforms, which he described as being anchored on global best practices, were beginning to produce measurable results and create a foundation for sustainable economic growth.
Tinubu specifically praised key members of the Economic Management Team, including Finance Minister and Coordinating Minister of the Economy, Dr Taiwo Oyedele; Minister of Budget and National Planning, Senator Atiku Bagudu; Central Bank of Nigeria Governor, Yemi Cardoso; and National Revenue Service Chairman, Dr Zacch Adedeji.
According to the President, the performance of the stock market provides an important indication of the broader direction of the economy.
He expressed optimism that Nigeria could build a prosperous economy by strengthening its institutions, improving monetary and fiscal management and encouraging investment.
Tinubu also stressed the importance of private sector investment in driving economic expansion and creating jobs.
He said government alone could not deliver the level of employment and prosperity Nigeria requires, making stronger private sector participation essential to achieving sustainable growth.
If we can push the private sector to invest in the economy wisely, then we will grow,” the President said.
He cited the development of the Dangote refinery as an example of the type of private sector investment he believes can contribute to Nigeria’s economic transformation.
The President also reaffirmed his administration’s ambition to build a $1 trillion Nigerian economy, arguing that the country’s large population and entrepreneurial capacity provide a strong foundation for achieving the target.
He further disclosed that the Nigerian National Petroleum Company Limited (NNPCL) would be reformed and eventually listed on the capital market.
Such a move could potentially deepen the Nigerian Exchange, increase the number of major companies listed on the market and provide investors with additional opportunities.
Finance Minister Taiwo Oyedele attributed the strong performance of the Nigerian stock market to the economic reforms implemented by the Tinubu administration.
He described Nigeria’s capital market as the best-performing globally, highlighting the significant improvement recorded in the market since 2023.
The growth in market value comes amid efforts by the Federal Government and financial regulators to strengthen macroeconomic stability, improve investor confidence and deepen Nigeria’s capital market.
If the NGX achieves its projection of N230 trillion in listed equity value by the end of 2026, it would represent a major expansion from the approximately N30 trillion recorded in 2023.
The latest development underscores the growing importance of Nigeria’s capital market to the country’s broader economic ambitions and the government’s push to attract greater private sector investment.
