Nigeria’s Capital Market Up 16% In H1 2025 As NGX Instruments Hit ₦126.73 trillion

Nigeria’s capital market is gaining renewed traction, as the total market capitalisation of NGX-listed instruments rose by 16 per cent, from ₦112.60 trillion in January to ₦126.73 trillion by June.

This surge was driven by regulatory clarity, macroeconomic reform, and rising investor interest. Leading this transformation is Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), who is repositioning the market as a catalyst for long-term capital formation and sustainable economic growth.

NGX Group—comprising Nigerian Exchange Limited (NGX), NGX Regulation (NGX RegCo), and NGX Real Estate (NGX RelCo)—has adopted a multi-layered approach to market development. From championing product innovation and policy advocacy to reinforcing investor confidence, the Group is strategically positioned to support Nigeria’s economic ambitions through a more efficient and accessible capital market.

The first half of 2025 recorded strong momentum across multiple asset classes. This growth was largely driven by equities, which increased from ₦62.76 trillion to ₦75.95 trillion. Fixed income remained stable at ₦50.56 trillion, while ETFs gained traction among retail investors, rising to ₦25.79 billion.

Popoola attributed the market’s performance to a deliberate focus on structural reforms and strong regulatory engagement. “We have worked closely with the Securities and Exchange Commission to enhance market transparency, drive product diversification, and strengthen investor protections. Our aim is to build a market that competes globally while remaining inclusive and resilient,” he said.

Over ₦4.63 trillion in capital was raised in H1 2025 through the Exchange, spanning corporate and sovereign instruments. This capital played a key role in financing infrastructure, supporting enterprise growth, and spurring innovation. Part of this traction can be traced to strategic initiatives introduced in 2024, including the launch of NGX Invest, a digital platform created to simplify participation in public offerings. Since its rollout, NGX Invest has expanded access to primary market instruments and played a central role in the ongoing banking sector recapitalisation, facilitating over ₦2 trillion in capital raised.

Vice Chairman of Equity Capital Solution Limited, David Adonri, said: “The equities market appreciated by 16.6 per cent in the first half, with Q2 alone contributing 13.6 per cent. Stabilising interest rates and foreign exchange conditions have restored investor confidence, particularly among foreign portfolio investors.”

Sectoral performance reinforced the overall market optimism. The NGX Consumer Goods Index advanced by 51.21 per cent, while the NGX Pension and Banking Indices rose by 19.32 per cent and 18.06 per cent, respectively, indicating resilience across key sectors.

Beyond Nigeria, NGX Group is actively extending its footprint. Its investment in the Ethiopian Securities Exchange (ESX) marks a strategic push toward regional capital market integration. Simultaneously, ongoing engagements with the Shanghai and Hong Kong Stock Exchanges on dual listings and liquidity frameworks aim to connect Nigerian companies with deeper global pools of capital. “Our outlook is continental and global. We’re focused on removing friction in capital flow across borders,” Popoola added.

Sustainability remains a central theme. NGX Group has inked a funding partnership with DEG Impulse to advance green finance and is collaborating with the International Finance Corporation to promote ESG reporting standards and green bond issuance. The Group is also investing in financial literacy programmes and gender inclusion initiatives, reinforcing its commitment to a more equitable financial ecosystem.

With a strong first-half performance, deepened regulatory collaboration, and expanding global partnerships, NGX Group continues to shape the direction of Nigeria’s financial markets. As Popoola puts it: “This is about more than growth. It’s about building the architecture for the future of African finance.”

With the second half of 2025 already in motion, the NGX All-Share Index reached a record high of 126,149.57 points on Friday, July 11, underscoring sustained investor confidence.

Backed by stronger macroeconomic fundamentals, rising foreign participation, and a healthy pipeline of listings, Nigeria’s capital market is poised for continued expansion. Under Popoola’s leadership, NGX Group remains focused on strengthening market depth, attracting long-term capital, and positioning Nigeria as a leading investment destination in Africa.