The Chairman of NGX Group, Alhaji Dr. Umaru Kwairanga, has revealed that the exchange is working toward securing listings from the oil and gas sector, an initiative that could see major players like Dangote Petrochemicals and NNPC offer stakes to the public.
Alhaji Umaru made this announcement at a symposium held in Kano State, Nigeria, themed “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade.”
According to him, enabling these companies to list their shares would significantly boost the market capitalization of the All-Share Index, further strengthening the domestic capital market.
He noted that a larger and more dynamic capital market would align with President Bola Tinubu’s ambitious goal of growing Nigeria’s GDP to one trillion dollars by 2030.
“When President Tinubu revealed his vision for Nigeria to grow its GDP to at least one trillion dollars by 2030, we keyed into that vision and are determined that the capital market will be at the centre of that drive to a trillion dollar economy and that our indices will grow in tandem with that vision,” he said.
The Chairman also pointed out that the current market capitalization is still below 20% of the nation’s GDP, in contrast to South Africa, where the Johannesburg Stock Exchange’s market cap exceeds the country’s GDP.
Reflecting on his achievements since taking office in October 2022, he shared:
“On that 5th day of October 2022, the All-Share Index was at 48,837 basis points and market capitalization stood at N26.375 trillion. As at the end of May 2025, the ASI had climbed to 111,742 basis points and market capitalization reached N70.463 trillion.”
He added that if bonds are included, the total capitalization could be estimated at N121 trillion, driven by new and innovative measures aimed at boosting market efficiency and attracting a younger generation of investors.
Increased market efficiency and flexibility
Alhaji Dr. Umaru Kwairanga emphasized that one of NGX Group’s top priorities is improving market efficiency and flexibility. He noted that the exchange is working closely with the Securities and Exchange Commission (SEC) to speed up transactions and enhance transparency in the capital market.
“We are focusing on key areas such as the dematerialization of share certificates, resolving the backlog of unpaid dividends, and reducing the time it takes for primary issues to reach the market,” he said.
- Alhaji Umaru pointed to the launch of the NGX Invest app in 2024 as a major milestone. The app, he said, played a significant role in the first phase of the bank recapitalization programme and helped drive broader market participation throughout the year.
- He added that the capital market is actively engaging large institutional investors such as pension and mutual funds by offering tailored products like exchange-traded funds (ETFs), derivatives, and ethical investment options to meet their needs.
- In addition, he mentioned that cross-border initiatives are underway to allow investors in other African countries to access and invest in Nigeria’s capital market, further expanding its reach.
Despite the macroeconomic challenges the country faced in 2024, Alhaji Umaru noted that efforts to improve market efficiency led to increased investor participation and contributed to the growth of the All-Share Index and the broader domestic market.
Market Trend: All-Share Index
The Nigerian stock market, as measured by the All-Share Index (ASI), delivered a strong performance in 2024, posting an impressive year-to-date gain of 37.65%. This marked the fifth consecutive year of bullish momentum on the domestic bourse.
That positive trend has continued into 2025, with the ASI recording a year-to-date growth of 11.36% so far.
- The index opened the year at 102,928.6 points and maintained a positive trajectory through January and February, closing February at 107,821.4 points.
- A market correction began in March and extended into April, culminating in a sharp single-day drop of 1,295.02 points on April 7, 2025.
- Despite this pullback, strong bullish sentiment returned in May, propelling the index past the 110,000 mark for the first time in history and pushing market capitalization above N70 trillion.
So far, the All-Share Index stands at 114,616.75 points, with a market capitalization of N72.28 trillion, reflecting sustained investor confidence.
