N129tr capitalisation: Investors upgrading Nigeria’s capital market due to reforms, says NGX Group
The Nigerian Exchange Group (NGX Group) Plc has attributed the sustained rally at the Nigerian capital market to ongoing positive re-rating of the country’s macroeconomic outlook by foreign and domestic
- By Taofik Salako Deputy Group Business Editor
The Nigerian Exchange Group (NGX Group) Plc has attributed the sustained rally at the Nigerian capital market to ongoing positive re-rating of the country’s macroeconomic outlook by foreign and domestic investors.
Total market capitalisation of all quoted equities at the Nigerian Exchange (NGX) at the weekend rose by 1.39 per cent to N129.126 trillion. It had opened the year at N99.376 trillion.
The All-Share Index (ASI)- the benchmark value-based common index that tracks all share prices at the NGX also closed weekend at 201,156.86 points, representing a year-to-date return of 29.27 per cent, equivalent to net capital gain of N29.1 trillion. The ASI had opened the year at 155,613.03 points.
Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola, said global investors were reassessing the country’s economic trajectory and investment potential.
He noted that recent market performance, combined with greater policy clarity, is contributing to a shift in how Nigeria is perceived within the global investment community.
He said: “What we are seeing is a gradual re-rating of Nigeria. Investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction and that is changing sentiment”.
He explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
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He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Popoola, in a live interview on BBC Newsday in London, as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to the United Kingdom, emphasized that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception.
He said: “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable”.
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment.
He said: “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows”.
Popoola added that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
