NGX Says Tinubu-Era Reforms Lifted Market Capitalisation Above ₦150tn

The Nigerian Exchange Group says reforms introduced under President Bola Tinubu have helped lift the market capitalisation of listed companies from about ₦30 trillion in May 2023 to more than ₦150 trillion. NGX Chief Executive Temi Popoola cited fuel subsidy removal, foreign-exchange reforms, the 2025 Investment and Securities Act, bank recapitalisation and digital initiatives as factors supporting investor confidence. He said banks have raised more than ₦4 trillion, largely from domestic investors, and projected market capitalisation could reach about ₦230 trillion by the end of 2026. The exchange identified potential listings, including Dangote Refinery and government stakes in firms such as Nigeria LNG, Indorama and selected NNPC assets, as possible drivers of further growth. Popoola also estimated that capital-market gains have created between 500,000 and 900,000 new millionaires. NGX and SEC officials urged the Federal Government to support more local listings and privatisation. The SEC said it would continue working to maintain market stability and encourage sustainable growth.

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