LAGOS — The Nigerian Exchange Limited (NGX) has recorded a historic milestone as the total market capitalisation for debt, equities, and Exchange Traded Funds (ETFs) surpassed N120 trillion, driven by increased foreign investor participation and renewed confidence in the Nigerian capital market.
According to market data released on Tuesday, this significant leap in capitalisation reflects a strong bullish sentiment across various asset classes listed on the NGX, amid recent economic reforms and strategic policy moves by the Federal Government to attract foreign direct investment.
The equities market alone contributed a substantial portion of the valuation, boosted by gains in blue-chip stocks, while the debt market and ETFs showed remarkable resilience and upward performance.
Analysts attributed the surge to the Central Bank of Nigeria’s (CBN) tighter monetary policy, improved forex market stability, and President Bola Tinubu’s economic diplomacy, which have collectively enhanced investor confidence and market attractiveness.
Speaking on the development, the CEO of NGX, Temi Popoola, described the crossing of the N120 trillion threshold as a testament to the robustness and depth of Nigeria’s capital market.
“This achievement reflects the collective efforts of regulators, listed companies, and capital market stakeholders. We are optimistic about sustained growth as we continue to introduce innovative products and policies aimed at boosting investor participation,” he said.
Foreign investors, previously cautious due to currency instability and policy uncertainty, are now showing renewed interest, especially in high-yield debt instruments and fundamentally strong equities.
Financial experts forecast further growth in market capitalisation as more listings are expected in the second half of 2025, including sovereign sukuk, infrastructure bonds, and green finance instruments aligned with Nigeria’s energy transition plan.
This development positions the Nigerian Exchange as a growing investment hub in Sub-Saharan Africa, capable of supporting long-term economic development through effective capital formation.
