Kayode Tokede
The total market capitalisation of listed securities rose to a file N226.38 trillion in the primary 10 months of 2026, pushed by elevated authorities and company exercise on the Nigerian Exchange Limited (NGX), in accordance to a report by NGX.
The determine, recorded as of October 30, 2026, rose to N76.64 trillion, or 51.2 per cent, from N149.74 trillion recorded on the shut of buying and selling in 2025.
The whole coated 4 classes: Equities, bonds, securities on the Non-Interest Finance Board and exchange-traded funds (ETFs).
The equities phase contains greater than 150 shares, whereas debt securities embody business papers, company bonds and debentures, Federal Government bonds, and state and native authorities bonds.
On a month-on-month foundation, the general market capitalisation elevated by N2.98 trillion, or 1.34 per cent, from N223.4 trillion on the finish of September 2026.
The Exchange has witnessed elevated listings of federal and state authorities debt securities, sturdy company earnings, improved financial indicators and renewed investor curiosity in shares with sturdy fundamentals.
According to NGX information, equities accounted for the most important share of the general market capitalisation at roughly 72.9 per cent, adopted by bonds at 26.46 per cent.
(*10*) on the Non-Interest Finance Board and ETFs accounted for 0.59 per cent and 0.02 per cent, respectively.
A breakdown confirmed that equities market capitalisation rose to N165.114 trillion on the finish of October 2026, up 66.5 per cent from N99.18 trillion on the shut of 2025.
The market capitalisation of listed bonds elevated by 18.6 per cent to N59.89 trillion from N50.51 trillion on the finish of the earlier 12 months.
The federal authorities’s bonds, the most important part of the bond market, rose to N57.2 trillion from N49.32 trillion, whereas company bonds and debentures elevated to N2.03 trillion from N893.9 billion.
State and native authorities bonds stood at N571.05 billion on the finish of October 2026, up about 91.1 per cent from N298.77 billion on the shut of 2025.
NGX information additionally confirmed that the market capitalisation of securities on the Non-Interest Finance Board, which commenced operations in July 2026, elevated to N1.33 trillion in October from N1.29 trillion in September.
However, ETF market capitalisation declined by 1.4 per cent to N42.24 billion from N42.845 billion on the shut of 2025.
The Exchange’s statistics included business papers amongst its debt securities for the primary time in August 2026.
Market analysts attributed the expansion recorded on the NGX in 2026 to the Central Bank of Nigeria’s (CBN) overseas change reforms, the federal authorities’s removing of the petrol subsidy, banking sector reforms and robust earnings by listed firms.
They additionally cited easing inflation, the CBN’s Monetary Policy Committee’s discount of the Monetary Policy Rate (MPR) to 23 per cent, and improved monetary system liquidity as elements supporting the market’s efficiency.
The overseas change reforms have been additionally credited with supporting elevated capital inflows and higher change fee stability.
The federal authorities has elevated borrowing to finance the 2026 finances, with some of the ensuing debt securities listed on the NGX by way of the Debt Management Office (DMO).
NGX Group attributed the bullish pattern to regulatory readability, macroeconomic reforms and rising confidence amongst home and overseas traders, describing the positive aspects as putting the Nigerian market among the many best-performing globally.
Market analysts equally recognized investor confidence, macroeconomic reforms and improved company efficiency because the principal drivers of the rally.
They cited renewed overseas portfolio funding, stronger firm fundamentals and oversubscribed public choices as indications of a extra resilient and more and more engaging Nigerian capital market.
The Managing Director of Financial Derivatives Company, Bismarck Rewane, had projected that equities market capitalisation may develop by about 190 per cent from N91 trillion to N262 trillion by 2026.
Rewane argued that potential listings, together with Dangote Refinery, which he valued at about $32 billion, and NNPC Limited, may assist increase equities market capitalisation from about 20 per cent of gross home product to almost 80 per cent over the medium time period.
