NGX market value to hit N230 trillion by end of 2026, says Popoola

The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi Popoola, has projected that the market value of companies listed on the Nigerian Exchange will rise to N230 trillion by the end of 2026, driven by anticipated major listings and sustained investor interest.

Popoola disclosed this during a meeting with President Bola Ahmed Tinubu at the State House in Abuja, highlighting the rapid expansion of Nigeria’s capital market over the past three years.

According to him, the total value of listed companies has increased from about N30 trillion when President Tinubu assumed office in May 2023 to approximately N160 trillion currently.

What they are saying

Popoola said the growth reflects increasing investor confidence and the attractiveness of Nigeria’s capital market.

• “When you took over office in May 2023, the total value of the companies that were listed in Nigeria was just shy of N30 trillion.
• “Today, Mr. President, that figure is N160 trillion and by the end of this year, with the listings that we expect in our market, we expect that figure to be N230 trillion.”

The projection implies a further increase of about 43.8% from current levels and a more than sevenfold rise from the market value recorded in 2023.

More insights

A key factor behind the forecast is the anticipated listing of companies on the exchange before the end of the year.

• Among the most significant is the planned listing of Dangote Petroleum Refinery & Petrochemicals, which is targeting a $5 billion initial public offering (IPO) expected to be completed by October 2026.
• The refinery recently announced the successful completion of a $2.5 billion private placement, one of the largest corporate fundraising exercises undertaken by an African company.

The listing could become the largest stock market debut in Africa’s history and significantly boost the Nigerian Exchange’s overall market capitalisation, liquidity and attractiveness to foreign investors.

Also, during the meeting, President Tinubu hinted that his administration’s economic reform would eventually include the listing of the shares of the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Exchange (NGX), enabling it to become a publicly traded company. 

He reinforced his administration’s commitment to leveraging the capital market to mobilise investment, broaden public ownership and accelerate national economic development.

What you should know

The projection comes amid continued strength in the domestic equities market, which crossed a value of N100 trillion earlier in the year.

• According to Nairametrics data, the Nigerian stock market added approximately N237.8 billion in value during the trading week ended August 7, 2026, lifting market capitalisation to N158.51 trillion from N158.28 trillion.
• The market’s year-to-date return also improved to 57.81%, reflecting sustained investor appetite for equities.

The rally was largely supported by strong price appreciation across equities and exchange-traded funds, reinforcing the Nigerian market’s position as one of the best-performing exchanges globally this year.

With the high-profile listing expected before year-end, NGX believes the market remains on track to achieve a record valuation and deepen its role in financing economic growth.