Nigeria Stock Market Hits Record N160 Trillion Cap

LAGOS — Nigeria’s stock market has reached a record high, with the Nigerian Exchange Group’s market capitalization crossing N160 trillion. The milestone reflects strong investor confidence in Nigerian equities and growing economic optimism.

The NGX All-Share Index advanced by 0.77 percent on Thursday, driven by strong buying activity in shares of major companies including MTN Nigeria and BUA Cement. Stockbrokers said retail and institutional investors have been active buyers in recent sessions.

The record market cap comes against the backdrop of improved macroeconomic conditions, including a relatively stable naira, higher oil revenues from the Dangote Refinery’s operations, and the government’s ongoing economic reforms. Investors appear to be pricing in a more positive outlook for corporate earnings.

Kayode Oluseye, managing director of Cordros Securities, said the market’s performance reflects genuine confidence in Nigeria’s economic direction. “We are seeing real money coming into equities. Investors believe the fundamentals are improving, and they are positioning ahead of positive earnings surprises,” Oluseye said.

Banking stocks have been among the strongest performers this year as many Nigerian banks have reported improved profitability. The insurance sector has also seen renewed interest, with NEM Insurance Plc reporting total assets growing to N186 billion in its 2025 results.

Nigeria’s dollar GDP surged by 22 percent to $307.5 billion in 2025, driven by stronger economic output and a firmer naira. This growth has drawn interest from foreign portfolio investors who see Nigerian equities as undervalued relative to other emerging markets.

The government’s capital market development agenda, led by the Securities and Exchange Commission, has also contributed to the market’s growth. SEC Director-General Emomotimi Agama said regulators are working to deepen the market and attract more companies to list their shares.

The strong market performance stands in contrast to the economic hardship many Nigerians still face in their daily lives. Critics say the stock market’s gains have not yet translated into meaningful relief for ordinary citizens who continue to struggle with high food prices and unemployment.

Market analysts forecast that the NGX All-Share Index could reach new highs before the end of 2026 if the naira remains stable and corporate earnings continue to improve.