Stock market gain hits N30tr

Drawing comparisons with countries such as Indonesia, Brazil and India, Popoola noted that economies that implemented structural reforms often witnessed strong domestic capital mobilisation and strengthened corporate balance sheets.

According to him, Nigeria is currently experiencing a similar trend as local investors and corporates increasingly respond to policy reforms.

He said: “The real test of reforms is what local capital does and how domestic corporates respond. In Nigeria today, local capital is playing a very strong role. Markets were up more than 50 per cent last year, issuers are raising new capital, retail investors are returning to the market, and corporate balance sheets and governance standards are improving”.

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He also highlighted the strong capital market relationship between Nigeria and the United Kingdom, noting that collaboration between the Nigerian Exchange Group and the London Stock Exchange has helped facilitate cross-border capital raising for corporates in both jurisdictions.

 Looking ahead, Popoola said Nigeria’s capital market is positioning itself to support larger transactions and broader wealth creation opportunities.

“We see a future where capital markets go beyond facilitating capital raising to supporting business expansion and wealth creation for Nigerians,” Popoola said.

Chief Executive Officer, Nigerian Exchange (NGX) Limited, Jude Chiemeka, attributed the 200,000 milestone to sustained demand and active participation across the market.

According to him, crossing the 200,000-point mark reflected strong investor engagement and consistent demand across key sectors.

“At Nigerian Exchange Limited, we remain focused on deepening market liquidity, enhancing trading infrastructure, and ensuring efficient price discovery to support a resilient and transparent marketplace,” Chiemeka said.

PresidentTinubu, whose pro-market stance has been credited as a major force behind the increasingly positive perception of the market, has promised to sustain the momentum.

He said the market is the economy and as such the government’s focus would remain unwavering in promoting attractive environment.

“With the Nigerian Exchange (NGX) crossing the historic N100 trillion market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation”, Tinubu said earlier in January when the market capitalisation hit historic value.

He noted that the stock market performance underscored a fundamental shift in how Nigeria is perceived by global investors.

Tinubu expected a more robust outlook in 2026.

He said: “The pipeline for new and upcoming listings looks robust. More indigenous energy firms, tech unicorns, telecoms, and infrastructure-heavy entities are seeking to access the public market to fund their expansion. As these firms are listed, they will boost market capitalisation and deepen democratic ownership of the Nigerian economy”.

He assured that 2026 would deliver even stronger returns as the government’s economic reforms continue to gather momentum.

He said: “Nation-building is a process, not a destination. Hard work, sacrifices, and the focus of its citizens build a nation. The N100 trillion market capitalisation is a signal to the world that the Nigerian economy is robust and productive”.

Most analysts expected the Nigerian market to continue its bullish run. Most projections saw average equities’ return remaining within positive double digit, stretching Nigerian market’s bullish run to its seventh consecutive year.

Average equities’ return is expected at between 30 and 50 per cent. Analysts at Afrinvest West Africa stated that sharper disinflation, stronger foreign exchange (forex) inflows and stable macroeconomic environment should sustain the rally.

“In our base case scenario, we project a 40.9 per cent gain in the NGX-ASI, supported by sustained price and naira stability, gradual monetary policy easing, improved corporate earnings, elevated pre-election liquidity, and aggressive capital mobilisation by insurance companies and pension funds adminsitrators (PFAs), with additional upside from anticipated listings such as Dangote Petrochemicals,” Afrinvest stated. It however cautioned that renewed inflationary pressures, forex volatility, weak foreign participation, and delays in expected listings could undermine the market.

Cordros Capital Group, which predicts average return of 34.9 per cent for the ASI in 2026, stated that a firmer macro backdrop, earnings growth and attractive valuations should continue to underpin equity performance in the months ahead.

“For equities, while risks remain present, the balance of probabilities remains favourable. All told, 2026 is positioned to extend the market’s recovery cycle as a progressively easing policy environment, firmer macro stability and deepening investor confidence reinforce both earnings resilience and valuation expansion across key sectors,” Cordros Capital stated.

GTI Capital Group added that with the potential listings of major new issuers expected in 2026, including the 10 per cent landmark offer of the Dangote Refinery, the Nigerian National Petroleum Company (NNPC), alongside the Dangote Fertilizer Plant and fintech heavyweight, Flutterwave, Nigeriaʼs equity market could see a meaningful expansion in depth, liquidity, volatility, and sectoral diversification.

Nigerian market had broken its previous regressive pre-election pattern in previous circle, and most analysts expected 2026 to sustain the new trend. A double-digit return in 2026 will mark the seventh consecutive bullish run for the Nigerian market. The ASI had made the top global chart in 2024 with average return of 37.65 per cent, equivalent to net capital gain of N15.4 trillion.  The ASI had closed 2023 as one of the three best-performing markets globally. Average return for Nigerian equities in 2023 stood at 45.90 per cent, equivalent to net capital gains of N12.81 trillion.

The market had broken its well-known previous cycle of decline in pre-election year to record its third consecutive positive performance in 2022, with full-year average return of 19.98 per cent, equivalent to net capital gain of N4.455 trillion. It had closed 2021 with average return of 6.07 per cent, equivalent to net capital gains of N1.278 trillion. In the throes of the outbreak of COVID-19 pandemic in 2020, it had recorded average return of 50.03 per cent, representing net capital gains of N6.483 trillion. ASI closed 2023 at 74,773.77 points as against its opening index of 51,251.06 points for the year. It had opened 2022 at 42,716.44 points. Aggregate market value of all quoted equities had also risen from 2023’s opening value of N27.915 trillion to close the year at N40.918 trillion. It had recorded N22.297 trillion as opening value for 2022.