Nigerian Capital Market surges by 60.58 trillion Naira Year-on-Year as Stock Market nears 130 trillion mark

Nigeria's capital market adds 60.58 trillion Naira Year-on-Year as stock market valuations soar by 94% amid banking reforms and FX stability.

By: AXL Media

Published: Apr 6, 2026, 3:45 AM EDT

Source: Information for this report was sourced from THISDAY

Record-Breaking Growth Across All Asset Classes

The Nigerian Exchange Limited (NGX) has witnessed a historic expansion over the past year, adding 60.58 trillion Naira in value across its listed securities, including stocks, bonds, and Exchange Traded Funds (ETFs). According to data from March 2026, the overall market capitalization has climbed to 175.8 trillion Naira, up from 115.22 trillion Naira in March 2025. This 52.6% increase highlights a period of sustained bullish sentiment and growing investor trust in the Nigerian capital market’s recovery and modernization.

Stock Market Performance and Fundamental Recovery

The stock market has been the primary driver of this growth, nearly doubling its valuation from 66.27 trillion Naira in 2025 to 128.77 trillion Naira in March 2026. This 94.33% Year-on-Year increase was propelled by a recovery in major blue-chip companies such as MTN Nigeria Communications Plc and Nigerian Breweries Plc, which successfully migrated back to profit generation after previous foreign exchange losses. Analysts point to the upward revision of ordinary share allocations by the National Pension Commission (PenCom) and impressive corporate earnings as key factors drawing both domestic and institutional interest.

The Impact of Macro-Economic and Regulatory Reforms

Temi Popoola, Group Managing Director and CEO of the Nigerian Exchange Group, attributed this milestone to ongoing economic reforms that have strengthened domestic capital formation. The stability of the foreign exchange market and the Central Bank of Nigeria’s (CBN) aggressive banking sector recapitalization have been fundamental in restoring market liquidity. Furthermore, the insurance sector reforms and the CBN’s monetary policy tightening to stabilize the Naira have encouraged foreign investors to return to the Nigerian market to take advantage of improved macroeconomic indicators.