Nigerian Capital Market Hits ₦95 Trillion in 2025 — NGX Chairman
Nigeria’s capital market has crossed a major milestone, with total market capitalisation rising to over ₦95 trillion in 2025, more than doubling within a year, according to the Chairman of the Nigerian Exchange Group (NGX Group), Umaru Kwairanga.
Kwairanga described the market’s performance in 2025 as “very good” and almost transformative, citing government reforms, growing investor confidence, banking sector recapitalization, and major technological improvements as key drivers of the surge.
Market Capitalisation More Than Doubles in One Year
Speaking during an interview on Arise News on Monday, Kwairanga noted that the Nigerian capital market had recorded one of its strongest growth phases in recent history.
“As of this time last year, we were less than ₦50 trillion. Today, we are over ₦95 trillion, and before the end of this year, our target is ₦100 trillion,” he said.
The sharp rise reflects renewed optimism in Nigeria’s financial markets following policy reforms and structural changes across key sectors of the economy.
All-Share Index Gains Over 45% in 2025
Kwairanga disclosed that the NGX All-Share Index (ASI) has gained more than 45 per cent in 2025, underlining strong price appreciation across listed equities.
He also noted a significant rebound in primary market activities, with increased trading volumes and values, as more companies returned to the market to raise capital.
According to him, investor sentiment has been supported by improved macroeconomic clarity and a more transparent regulatory environment.
Banking Sector Recapitalisation Drives Market Activity
One of the strongest contributors to the market’s expansion in 2025 has been the banking sector recapitalisation exercise.
Kwairanga revealed that Nigerian banks raised over ₦3 trillion within the year to meet new capital requirements set by regulators.
“The banking recapitalisation process has played a major role. Nigerian banks alone raised over ₦3 trillion in 2025, and this was largely enabled by the Nigerian Exchange’s digital investment platforms,” he said.
The recapitalisation drive boosted equity issuance, attracted domestic and foreign investors, and deepened liquidity in the market.
Technology and Digital Platforms Fuel Investor Participation
The NGX chairman highlighted the role of technology adoption in improving access to the capital market.
He pointed to NGX Invest Today, a digital investment platform launched by the exchange, which allows investors to participate in public offers and rights issues using mobile phones, tablets, and computers.
“With NGX Invest Today, investors can invest in the Nigerian capital market from the comfort of their homes using their gadgets,” Kwairanga explained.
This shift toward digital investment tools has helped reduce entry barriers and expand market participation.
Retail Investors Surge to Over Six Million
Kwairanga revealed that retail investor participation has grown significantly, rising from less than one million investors in 2023 to over six million in 2025.
He attributed this surge to deliberate reforms within the NGX Group, including:
- Board restructuring
- New management appointments
- Simplified market processes
- Improved investor education
- Technology-driven access
“This growth did not happen by chance. We restructured our board, brought in new management, embraced technology, simplified our processes, and it has worked,” he said.
The increase in retail participation is seen as a positive signal for market depth and long-term stability.
Government Reforms Restore Investor Confidence
According to Kwairanga, ongoing government reforms have played a critical role in restoring confidence in Nigeria’s capital market.
He noted that policy clarity, financial sector reforms, and improved corporate governance standards have helped attract both local and foreign investors back into the market.
“The current government reforms have gone a long way in restoring confidence in the Nigerian capital market,” he stated.
Outlook: Strong Optimism for 2026
Looking ahead, the NGX chairman expressed strong optimism for 2026, describing it as a year that would be “much, much better” for Nigeria’s capital market.
He added that continued reforms, deeper market participation, and expanded digital infrastructure would further strengthen the exchange’s role in capital formation and economic growth.
Conclusion
Nigeria’s capital market performance in 2025 marks a significant turning point, with market capitalisation surpassing ₦95 trillion, strong equity gains, rising retail participation, and renewed confidence driven by reforms and technology.
As the NGX targets ₦100 trillion market capitalisation before year-end and positions for further growth in 2026, the exchange is increasingly becoming a central pillar in Nigeria’s economic transformation.
