President Bola Ahmed Tinubu has congratulated the Nigerian Exchange Group (NGX), listed companies, market operators, and investors for achieving a market capitalization exceeding N100 trillion. He described this milestone as a powerful inspiration for investors and urged Nigerians to increase their participation in the domestic economy, anticipating stronger returns in 2026 due to ongoing reforms.

What you should know

The N100 trillion market capitalization milestone represents a significant achievement for the Nigerian capital market, reflecting increased investor confidence and the overall health of the Nigerian economy. It signifies that the total value of all listed companies on the NGX has surpassed this landmark figure. This level of market capitalization can attract both domestic and foreign investments, contributing to economic growth.

The President's call for increased local participation aims to broaden ownership of the economy and ensure that Nigerians benefit from the growth of listed companies. Increasing local investment is critical for sustainable economic development, as it reduces reliance on foreign capital and promotes wealth creation within the country.

The NGX All-Share Index's impressive 51.19% return in 2025 positions Nigeria as a leading investment destination compared to other global markets struggling with slower growth. This performance surpasses the previous year's 37.65% return and beats benchmarks like the S&P 500 and FTSE 100.

Factors Driving the Growth

The strong performance of the NGX has been driven by various factors, including the localization of supply chains by blue-chip industrials and the innovative activities of the banking sector. Several listed companies across diverse sectors have contributed significantly to this growth, demonstrating the resilience and potential of the Nigerian economy.

The government's economic reforms have also played a crucial role. The decline in inflation, from a 24-month high of 34.8% in December 2024 to 14.45% by November 2025, has boosted investor confidence and created a more stable economic environment. This reduction in inflation is a key indicator of the success of the administration's fiscal and monetary policies.

Future Outlook and Implications

President Tinubu highlighted a strong pipeline of upcoming listings, including indigenous energy firms, tech unicorns, telecoms, and infrastructure players, as further catalysts for market capitalization growth. These new listings are expected to broaden democratic ownership of the economy and attract even more investors to the Nigerian capital market.

Market watchers believe that the NGX’s continued growth will depend on the sustained implementation of sound economic policies, the attraction of new listings, and increased participation from both local and foreign investors. The President's assurance of even stronger returns in 2026 underscores the government's commitment to creating a favorable investment climate.

Investors should monitor the progress of ongoing economic reforms, the performance of listed companies, and the listing of new companies on the NGX. These factors will be crucial in determining the future trajectory of the Nigerian stock market and its contribution to the nation’s economic development.