Ten Stocks Account for 73% of Nigeria’s ₦165 Trillion Equity Market

NGX data shows that the exchange’s total market capitalisation was ₦225.38 trillion on 27 October 2026. Equities made up ₦164.91 trillion, or 73.17% of the total, while federal government debt accounted for ₦57.22 trillion. The rest came from other listed assets, including corporate and state bonds, sukuk, commercial papers and ETFs. The analysis says the ten most valuable listed companies account for about 73% of the equity market, based on closing prices from 30 October 2026. This points to a market where a small number of large companies can strongly influence the All-Share Index, while many other listed firms have less impact. The distinction matters: NGX’s total market capitalisation includes debt and other assets, while the equity market figure covers shares. The supplied text does not include the names or values of the ten companies.

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