The Nigerian equities market has reached a historic milestone, with the total market capitalisation of all listed stocks surpassing N100 trillion for the first time. On January 5, 2026, the Nigerian Exchange (NGX) saw its aggregate market value rise from N99.938 trillion to N101.81 trillion, marking a new peak for the country’s capital market.

This significant achievement reflects the growing investor confidence, both domestically and internationally. In just the first two trading sessions of the year, the market gained N2.306 trillion, continuing a positive trend that began in 2025 when the market closed with a full-year net gain of N32.13 trillion.

The All-Share Index (ASI), which tracks the performance of all listed companies, rose by 1.74%, closing at 159,218.22 points compared to 156,492.36 points at the start of the day. The rally is largely attributed to a bullish sentiment among investors, who are positioning themselves ahead of the release of full-year audited results from companies and the accompanying dividends.

A Robust Start to 2026

Temi Popoola, the Group Managing Director of the Nigerian Exchange Group (NGX Group), hailed the market’s achievement, calling it a “defining milestone” for the Nigerian capital market. He attributed the strong performance to renewed investor confidence, which reflects the market’s growing depth and resilience in response to improving macroeconomic conditions.

Popoola also credited the collaborative efforts between market operators, policymakers, and the Securities and Exchange Commission (SEC) for enhancing transparency, liquidity, and investor protection.

Jude Chiemeka, the CEO of NGX Limited, noted that the market’s strong performance was supported by increased participation across key sectors, such as banking, industrials, and consumer stocks, alongside a rise in trading volumes. He emphasized that this broad-based participation signals growing investor confidence and points to a more active market as the year unfolds.

An Outstanding Year in 2025

The year 2025 saw a remarkable performance for Nigerian equities, with the ASI closing at 155,613.03 points—an impressive rise from its opening of 102,926.40 points. Market capitalisation increased by 58.34% in 2025, from N62.763 trillion at the beginning of the year to N99.376 trillion at year-end, marking a net gain of N36.61 trillion.

This growth came amid structural reforms, including improvements in the foreign exchange market and the enactment of the Investment and Securities Act (ISA) 2025 under the leadership of President Bola Tinubu. These reforms have helped improve the transparency, stability, and liquidity of the market, boosting investor confidence.

The Role of Government Reforms

Sehinde Adenagbe, Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), attributed the market’s strong growth to the economic reforms implemented by the current government, especially since President Tinubu’s administration took office in May 2023. He highlighted that these reforms have fostered local and foreign participation, driving up market capitalisation.

Adenagbe also pointed out that the improvement in forex stability, the removal of Nigeria from the FATF’s grey list, and broader structural reforms have played a key role in attracting increased foreign capital. He called for continued policy support for new listings, including state-owned enterprises, and emphasized the need for greater attention to security and clarity around the Capital Gains Tax (CGT) to sustain the market’s upward trajectory.

A Bright Future for Nigerian Equities

The performance of the Nigerian stock market in 2025, including the double-digit return of 51.19%, solidified its position as one of the best-performing global markets. The market had also outperformed in the previous years, with returns of 37.65% in 2024 and 45.90% in 2023.

According to GTI Capital’s Managing Director Kehinde Hassan, the market’s strong performance is an indicator of investors’ positive outlook on the Nigerian economy. He noted that the stock market is a key barometer of a country’s economic health, and the performance signals increased confidence in the country’s future growth.