NGX Market Soars: Stocks, Bonds & ETFs Add ₦60.58 Trillion in One Year
Big Picture
• The Nigerian capital market has recorded a massive growth of ₦60.58 trillion (52.6% YoY).
• Total market capitalisation (Stocks, Bonds, ETFs) rose to:
• ₦175.8 trillion (March 2026)
• From ₦115.22 trillion (March 2025)
This reflects strong positive momentum and investor confidence.
Breakdown by Asset Class
1. Equities (Stocks) – The Major Driver
• 2026: ₦128.77 trillion
• 2025: ₦66.27 trillion
Growth: ₦62.5 trillion (+94.33% YoY)
• The stock market even crossed ₦130 trillion at some point due to strong demand.
2. Bonds (Debt Market)
• 2026: ~₦46.87 trillion
• 2025: ~₦48.93 trillion
Slight decline, but still a major contributor to total market value.
Composition includes:
• Federal Government Bonds
• Central Bank of Nigeria instruments
• State and corporate bonds
3. ETFs (Exchange Traded Funds)
• 2026: ₦162.82 billion
• 2025: ₦24.83 billion
Significant growth, though still the smallest segment.
Key Drivers of Growth
1. Foreign Exchange Stability
• Improved FX conditions helped companies recover from prior losses.
2. Strong Corporate Earnings
• Major companies returned to profitability, including:
• MTN Nigeria Communications Plc
• Nigerian Breweries Plc
3. Banking Sector Recapitalisation
• Policies by the Central Bank of Nigeria boosted investor confidence and liquidity.
️ 4. Insurance Sector Reforms
• Strengthened the financial services sector and attracted investments.
5. Increased Domestic Investor Participation
• Local investors are playing a bigger role in market activity.
6. Foreign Investor Inflows
• Foreign investors are returning, taking advantage of:
• FX reforms
• Improved macroeconomic conditions
7. Pension Fund Support
• National Pension Commission increased allocation to equities, boosting demand.
Market Leadership Insight
• NGX Group CEO, Temi Popoola, noted:
• Reforms are strengthening domestic capital formation
• The market is becoming a key driver of wealth creation and economic growth
Stocks Driving the Rally
Key companies that attracted strong investor interest include:
• Airtel Africa Plc
• Nestlé Nigeria Plc
• Cadbury Nigeria Plc
• MTN Nigeria Communications Plc
Outlook for 2026
Experts say the market outlook is cautiously optimistic, supported by:
• Continued economic reforms
• Strong banking sector momentum
• Upcoming half-year earnings
• Stable fixed income market
What Needs to Continue
• Stable and credible government policies
• Sustained investor confidence
• Macroeconomic stability
Simple Summary
• Nigerian capital market added ₦60.58 trillion in one year
• Stocks were the biggest driver, nearly doubling in value
• Growth fueled by reforms, earnings, and investor confidence
• Outlook remains positive, but depends on policy consistency
Big Picture
• The Nigerian capital market has recorded a massive growth of ₦60.58 trillion (52.6% YoY).
• Total market capitalisation (Stocks, Bonds, ETFs) rose to:
• ₦175.8 trillion (March 2026)
• From ₦115.22 trillion (March 2025)
This reflects strong positive momentum and investor confidence.
Breakdown by Asset Class
1. Equities (Stocks) – The Major Driver
• 2026: ₦128.77 trillion
• 2025: ₦66.27 trillion
Growth: ₦62.5 trillion (+94.33% YoY)
• The stock market even crossed ₦130 trillion at some point due to strong demand.
2. Bonds (Debt Market)
• 2026: ~₦46.87 trillion
• 2025: ~₦48.93 trillion
Slight decline, but still a major contributor to total market value.
Composition includes:
• Federal Government Bonds
• Central Bank of Nigeria instruments
• State and corporate bonds
3. ETFs (Exchange Traded Funds)
• 2026: ₦162.82 billion
• 2025: ₦24.83 billion
Significant growth, though still the smallest segment.
Key Drivers of Growth
1. Foreign Exchange Stability
• Improved FX conditions helped companies recover from prior losses.
2. Strong Corporate Earnings
• Major companies returned to profitability, including:
• MTN Nigeria Communications Plc
• Nigerian Breweries Plc
3. Banking Sector Recapitalisation
• Policies by the Central Bank of Nigeria boosted investor confidence and liquidity.
️ 4. Insurance Sector Reforms
• Strengthened the financial services sector and attracted investments.
5. Increased Domestic Investor Participation
• Local investors are playing a bigger role in market activity.
6. Foreign Investor Inflows
• Foreign investors are returning, taking advantage of:
• FX reforms
• Improved macroeconomic conditions
7. Pension Fund Support
• National Pension Commission increased allocation to equities, boosting demand.
Market Leadership Insight
• NGX Group CEO, Temi Popoola, noted:
• Reforms are strengthening domestic capital formation
• The market is becoming a key driver of wealth creation and economic growth
Stocks Driving the Rally
Key companies that attracted strong investor interest include:
• Airtel Africa Plc
• Nestlé Nigeria Plc
• Cadbury Nigeria Plc
• MTN Nigeria Communications Plc
Outlook for 2026
Experts say the market outlook is cautiously optimistic, supported by:
• Continued economic reforms
• Strong banking sector momentum
• Upcoming half-year earnings
• Stable fixed income market
What Needs to Continue• Stable and credible government policies
• Sustained investor confidence
• Macroeconomic stability
Simple Summary
• Nigerian capital market added ₦60.58 trillion in one year
• Stocks were the biggest driver, nearly doubling in value
• Growth fueled by reforms, earnings, and investor confidence
• Outlook remains positive, but depends on policy consistency
