Reforms, Women, and Technology: How Nigeria’s Capital Market Is Positioning for 2026 Growth
Big Picture
The Nigerian capital market is no longer just reacting to economic changes—it is actively positioning itself as Africa’s structured investment gateway. According to Temi Popoola, Group CEO of Nigerian Exchange Group (NGX Group), reforms, digital innovation, and broader investor inclusion are reshaping how capital flows into Nigeria and across Africa.
Reforms: A Painful 2025 That Prepared the Ground for 2026
Popoola acknowledged that 2025 was a tough adjustment year, marked by difficult but necessary macroeconomic reforms. However, these reforms:
• Improved price discovery in the market
• Reduced speculative activity
• Created a more transparent and investable environment
The result? A market driven more by real earnings and dividends, not hype.
This was reflected in the NGX All-Share Index, which gained 51.19% in 2025, powered by:
• Stronger corporate earnings
• Better dividend consistency
• Structural economic reforms
Capital Is Selective—and Nigeria Is Adapting
Globally, investors are becoming more cautious and selective. Popoola noted that Nigeria’s response has been to:
• Strengthen market transparency
• Invest in resilient market infrastructure
• Build a capital market that supports long-term economic growth, not short-term trading
In his words, Nigeria is building an “investable platform”, not just a trading venue.
Women Investors: The Quiet Stabilizers of the Market
One of the strongest highlights was the growing role of women in the Nigerian capital market.
Popoola revealed that:
• Women now make up a significant share of new retail investors
• In a recent telecom public offer, women accounted for 76% of over 110,000 new investor accounts
Why this matters:
• Women tend to invest for the long term
• They practice disciplined accumulation
• They make more risk-aware decisions
As Popoola put it:
“Women don’t just participate in markets; they help stabilize them.”
Diaspora & Inclusion: Expanding the Investor Base
The NGX is also actively targeting diaspora investors, creating structured pathways for Nigerians abroad to invest confidently back home. According to Popoola, broader participation:
• Deepens market resilience
• Reduces volatility
• Encourages sustainable capital formation
2026 Outlook: Five Forces Shaping Nigeria’s Investment Landscape
Looking ahead, Popoola outlined five interconnected drivers for 2026:
1. Global geopolitical shifts opening alternative supply-chain opportunities for Nigeria
2. Improving macroeconomic stability, with projected GDP growth of 4.4%
3. Renewed foreign portfolio inflows, driven by transparency and attractive yields
4. Better alignment of fiscal and monetary policy
5. Greater asset utilisation, through new listings and infrastructure-linked instruments
Together, these factors point to a market entering a more mature and structured growth phase.
Technology, ESG & Partnerships: The Next Growth Engine
Future market expansion will be increasingly driven by:
• Technology: Platforms like NGX Invest are improving access, efficiency, and transparency
• Sustainability: ESG initiatives such as the NGX Net-Zero Project are strengthening long-term risk management
• Strategic partnerships: Ongoing collaboration with regulators and market stakeholders to sustain investor confidence
What’s Next from NGX Group?
For 2026, NGX Group plans to:
• Roll out targeted investor education programmes
• Focus on digital access, sector-specific opportunities, and diaspora investment pathways
• Deepen engagement with women-led investment networks across Africa
The Pan-African Investment Lounge hosted by Radiant Collective Capital (RCC) served as a launchpad for stronger collaboration across the continent and the diaspora.
Key Takeaway
Nigeria’s capital market is evolving from a trading-focused system to a long-term capital formation engine, anchored on:
• Structural reforms
• Inclusion (especially women and diaspora investors)
• Technology and sustainability
This signals a more resilient, transparent, and investable Nigerian market heading into 2026.
Big Picture
The Nigerian capital market is no longer just reacting to economic changes—it is actively positioning itself as Africa’s structured investment gateway. According to Temi Popoola, Group CEO of Nigerian Exchange Group (NGX Group), reforms, digital innovation, and broader investor inclusion are reshaping how capital flows into Nigeria and across Africa.
Reforms: A Painful 2025 That Prepared the Ground for 2026
Popoola acknowledged that 2025 was a tough adjustment year, marked by difficult but necessary macroeconomic reforms. However, these reforms:
• Improved price discovery in the market
• Reduced speculative activity
• Created a more transparent and investable environment
The result? A market driven more by real earnings and dividends, not hype.
This was reflected in the NGX All-Share Index, which gained 51.19% in 2025, powered by:
• Stronger corporate earnings
• Better dividend consistency
• Structural economic reforms
Capital Is Selective—and Nigeria Is Adapting
Globally, investors are becoming more cautious and selective. Popoola noted that Nigeria’s response has been to:
• Strengthen market transparency
• Invest in resilient market infrastructure
• Build a capital market that supports long-term economic growth, not short-term trading
In his words, Nigeria is building an “investable platform”, not just a trading venue.
Women Investors: The Quiet Stabilizers of the Market
One of the strongest highlights was the growing role of women in the Nigerian capital market.
Popoola revealed that:
• Women now make up a significant share of new retail investors
• In a recent telecom public offer, women accounted for 76% of over 110,000 new investor accounts
Why this matters:
• Women tend to invest for the long term
• They practice disciplined accumulation
• They make more risk-aware decisions
As Popoola put it:
“Women don’t just participate in markets; they help stabilize them.”
Diaspora & Inclusion: Expanding the Investor Base
The NGX is also actively targeting diaspora investors, creating structured pathways for Nigerians abroad to invest confidently back home. According to Popoola, broader participation:
• Deepens market resilience
• Reduces volatility
• Encourages sustainable capital formation
2026 Outlook: Five Forces Shaping Nigeria’s Investment Landscape
Looking ahead, Popoola outlined five interconnected drivers for 2026:
1. Global geopolitical shifts opening alternative supply-chain opportunities for Nigeria
2. Improving macroeconomic stability, with projected GDP growth of 4.4%
3. Renewed foreign portfolio inflows, driven by transparency and attractive yields
4. Better alignment of fiscal and monetary policy
5. Greater asset utilisation, through new listings and infrastructure-linked instruments
Together, these factors point to a market entering a more mature and structured growth phase.
Technology, ESG & Partnerships: The Next Growth Engine
Future market expansion will be increasingly driven by:
• Technology: Platforms like NGX Invest are improving access, efficiency, and transparency
• Sustainability: ESG initiatives such as the NGX Net-Zero Project are strengthening long-term risk management
• Strategic partnerships: Ongoing collaboration with regulators and market stakeholders to sustain investor confidence
What’s Next from NGX Group?
For 2026, NGX Group plans to:
• Roll out targeted investor education programmes
• Focus on digital access, sector-specific opportunities, and diaspora investment pathways
• Deepen engagement with women-led investment networks across Africa
The Pan-African Investment Lounge hosted by Radiant Collective Capital (RCC) served as a launchpad for stronger collaboration across the continent and the diaspora.
Key Takeaway
Nigeria’s capital market is evolving from a trading-focused system to a long-term capital formation engine, anchored on:
• Structural reforms
• Inclusion (especially women and diaspora investors)
• Technology and sustainability
This signals a more resilient, transparent, and investable Nigerian market heading into 2026.