Business
Chairman, NGX, Umaru Kwairanga; Director General Securities and Exchange Commission(SEC), Emomotimi Agama and Managing Director/CEO, NGX, Temi Popoola during a briefing after meeting with President Bola Tinubu at the Presidential Villa, Abuja on Thursday
THE Nigerian Exchange Group (NGX) says the market capitalisation of listed companies has risen from N30 trillion in May 2023 to over N150 trillion.
NGX Group Managing Director and Chief Executive Officer, Mr Temi Popoola, disclosed this after NGX and Securities and Exchange Commission officials met President Bola Tinubu on Thursday.
The delegation briefed the President on capital market performance, growth prospects and measures required to deepen participation and attract more investors.
Popoola said market capitalisation could reach about N230 trillion by the end of 2026, driven by anticipated major listings.
He identified the proposed listing of the Dangote Refinery among developments expected to further boost market value and investor confidence.
“In May 2023, when Mr President came into office, the market capitalisation was just shy of N30 trillion. Today, that figure is over N150 trillion,” he said.
According to him, the growth has created substantial wealth for investors and businesses across the country.
Popoola estimated that between 500,000 and 900,000 new millionaires had emerged through gains recorded in the capital market.
He added that earnings of many listed companies had risen sharply, with some firms recording up to five-fold growth since 2023.
The NGX chief attributed the market expansion to key reforms introduced under the Tinubu administration.
He cited fuel subsidy removal, foreign exchange reforms and the Investment and Securities Act signed into law in 2025.
Popoola also highlighted banking sector recapitalisation and digital transformation initiatives aimed at broadening access to capital market opportunities.
“The banks have raised over N4 trillion and before the end of this year maybe over N5 trillion, mostly from domestic investors,” he said.
He said the delegation presented a vision of a capital market capable of financing infrastructure and supporting Nigeria’s one-trillion-dollar economy ambition.
Popoola noted that Nigeria could become a major financing hub for Africa if current reforms and policies were sustained.
He said NGX urged the Federal Government to accelerate privatisation and list stakes in major national assets.
The assets proposed for listing include Nigeria LNG, Indorama and selected Nigerian National Petroleum Company Ltd. assets.
“We pressed Mr President to consider support for government stakes in these companies to come to the market,” he said.
Popoola said the exchange also requested incentives to encourage more private firms to list locally rather than seek foreign listings exclusively.
He disclosed that Tinubu assured the delegation of his support and commitment to policies that would deepen market development.
Earlier, NGX Group Chairman, Alhaji Umaru Kwairanga, said the Nigerian market was recently ranked among the world’s best-performing exchanges.
He attributed the achievement to the administration’s economic reforms and increased investor confidence in the Nigerian economy.
“We are coming from less than N50 trillion to today over N150 trillion and we are still growing.
“These are all part of the success stories of what Mr President has done,” he said.
Kwairanga said the President also expressed support for listing additional national assets to broaden wealth creation opportunities.
Also speaking, SEC Director-General, Dr Emomotimi Agama, reaffirmed the commission’s commitment to market stability and sustained growth.
“We will do our best as regulators to provide an enabling environment for participants in the Nigerian capital market,” Agama said.
He thanked investors for their confidence and expressed optimism that the market would continue contributing significantly to economic growth. (NAN)
A.I
Aug. 7, 2026
Tags: Alhaji Umaru Kwairanga Dr Emomotimi Agama Mr Temi Popoola NGX President Bola Tinubu