NGX Targets N230trn Market Value by December 2026

The Nigerian Exchange (NGX) is on course for another major milestone, with market capitalisation projected to rise to N230 trillion by the end of 2026, driven by new listings, stronger investor participation and continued market reforms.

Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, disclosed the projection during a meeting involving NGX executives, Securities and Exchange Commission (SEC) officials and President Bola Tinubu at the State House in Abuja.

Popoola highlighted the rapid expansion of Nigeria’s capital market over the past three years, noting that the value of listed equities has surged from less than N30 trillion in May 2023 to about N160 trillion.

He said the market could gain another N70 trillion before the close of the year as major companies prepare to tap the exchange and investor confidence continues to strengthen.

“By the end of this year, with the listings that we are seeing in our market, we expect that figure to rise to N230 trillion,” Popoola said.

A key potential catalyst is the anticipated listing of the Dangote Petroleum Refinery, which could deliver a substantial boost to the size and depth of the equities market.

The exchange is also looking beyond private-sector listings, with discussions around bringing major national assets and companies to the stock market. Among those identified are the Nigerian National Petroleum Company Limited (NNPC), Nigeria LNG and Indorama.

President Tinubu has expressed support for efforts to deepen Nigeria’s capital market, particularly through the listing of large enterprises and strategic assets.

The market’s expansion has also been reflected in the performance of the NGX All-Share Index, which has risen dramatically from around 52,000 points in 2023 to approximately 244,000 points.

According to Popoola, the impressive rally has been supported by economic reforms, renewed investor confidence, increased domestic participation and the ongoing banking-sector recapitalisation programme.

The banking recapitalisation exercise has reportedly attracted more than N4 trillion in fresh capital, with domestic investors playing a major role in the fundraising process.

Beyond market statistics, Popoola said the surge in equity values had translated into significant wealth creation, estimating that between 500,000 and 900,000 Nigerians had become millionaires through gains recorded in the capital market.

The bullish momentum has continued into the second half of 2026. At the close of trading on August 7, NGX market capitalisation stood at about N158.51 trillion, while the market recorded a year-to-date return of 57.81 per cent.

If the N230 trillion projection is achieved, it would represent a significant leap for the Nigerian capital market and reinforce the NGX’s position as a critical platform for mobilising long-term funding for businesses and supporting economic growth.

The target also fits into the Federal Government’s broader ambition of building a $1 trillion economy, with a deeper and more vibrant capital market expected to play a central role in attracting investment, expanding businesses and unlocking private-sector capital.