The Nigerian Exchange has continued its strong growth this year, and on 5 January passed a milestone market capitalization of NGN 100 trillion to close at NGN 101.8trn ($71.5 billion). Nigerian President Bola Ahmed Tinubu issued a statement praising the Nigerian Exchange Group (NGX), Nigeria’s businesses, the market operators and investors, saying it is a powerful signal of renewed investor confidence and economic rejuvenation.
The President urged Nigerians to deepen their investments in the local economy, assuring that 2026 will yield even greater returns as his administration’s economic reforms continue to deliver stronger outcomes: “With Nigerian Exchange crossing the historic NGN 100trn market capitalization mark, the country is witnessing the birth of a new economic reality and rejuvenation,” President Tinubu said.
“In 2025, while many of the world’s markets struggled with stagnation or tepid recovery, the NGX All-Share Index was on the ascent. It closed 2025 with a 51.19% return, higher than the 37.65% recorded in 2024. This performance ranks among the highest in the world. Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group.
“Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered. As the stock market reflects the entire economy, its stellar performance is a significant indicator of the country’s economic health and the confidence investors have in our economy.
“On the NGX, we have witnessed remarkable performances from listed companies across all sectors. From blue-chip industrial giants that have localized their supply chains, to a banking sector that has demonstrated resilience and technological innovation, Nigerian companies are proving that the country can deliver strong returns on investment.
“And we are just getting started. The pipeline for new and upcoming listings looks robust. More indigenous energy firms, tech unicorns, telecoms, and infrastructure-heavy entities are seeking to access the public market to fund their expansion. As these firms are listed, they will boost market capitalization and deepen democratic ownership of the Nigerian economy.”
Strong start to 2026
The NGX has continued its strong gains. By the close of 15 January the main NGX All Share Index was up 6.7% for local investors, and 8.5% for USD investors.
The early rally was driven by strong buying interest in stocks such as Cadbury Nigeria, Fidson Healthcare, and Champion Breweries. According to a 5 January press release from the NGX, this reflects the traditional “January effect” of early-year market activity.
Jude Chiemeka, CEO of Nigerian Exchange Limited, said the rally was supported by improving participation and selective demand across key sectors: “The breadth of the market tells a positive story. We are seeing strong participation across banking, industrial, and consumer stocks, alongside rising trading volumes, which suggests growing investor confidence and a more active market at the start of the year.”
Capital market aligned with economic vision
According to a report in Business Day, Emomotimi Agama, Director-General of the Securities and Exchange Commission Nigeria (SECN), credited President Tinubu’s leadership for driving the market to historic heights: “The NGN 100trn milestone is a direct result of the administration’s decisive reforms and unwavering commitment to transparency and fiscal discipline. These policies have renewed investor trust and solidified the credibility of Nigeria’s capital market.”
Agama reaffirmed the SEC’s alignment with the President’s economic vision, pledging to strengthen oversight, protect investors and uphold governance standards to ensure sustained growth and resilience. In the previous statement, he said: “This milestone is not just about numbers; it reflects the impact of sustained reforms anchored on enhanced investor protection, market integrity, and long-term confidence.” He added that greater regulatory clarity and predictability have been central to restoring investor confidence, noting that consistent rule-making and enforcement encourage long-term capital commitments.
Temi Popoola, Group Managing Director/CEO of Nigerian Exchange Group Plc, commended President Tinubu for providing the policy clarity and reform momentum that have bolstered investor confidence: “This milestone underscores the success of ongoing reforms and the Exchange’s commitment to market depth, transparency, and inclusive growth.
“The capital market has responded positively to improved macroeconomic coordination and clear reform direction, creating an enabling environment for sustainable investment. It validates our focus on market development, innovation, and creating an environment where both local and global investors can deploy capital with confidence.”
Tinubu on effect of reforms
Here are President Tinubu’s comments on the reforms and their effect on the economy in the 8 January statement:
“We are not celebrating the superlative stock market performance in isolation. We are also celebrating the microeconomic effects of our reforms. After the initial headwinds that followed our reforms, we are finally seeing a bend in the inflation curve. Crucial monetary tightening and the removal of distortionary ‘Ways and Means’ financing have restored stability to the Naira. Furthermore, investments in the agriculture sector have contributed to a consistent decline in inflation over the past eight months. From a 24-month high of 34.8% in December 2024, inflation decelerated to 14.45% as of November 2025, with projections indicating it will reach 12% in 2026. Indeed, inflation is likely to fall below 10% before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians.
“Also noteworthy is the status of our nation’s current account, a valid measure of our overall economic health. In 2024, Nigeria posted a surplus of $16bn. According to the Central Bank of Nigeria (CBN), our current account balance is projected to rise to $18.8bn in 2026, up from $16.9bn in 2025.
“Under our administration, Nigeria is exporting more and importing less of what we can produce locally. Non-oil exports surged by 48% by the third quarter of 2025, totalling NGN 9.2trn. Exports to Africa alone rose by 97% to NGN 4.9trn. Manufacturing exports increased by 67% year-on-year in the second quarter of 2025, suggesting a strong close to the year.
“Nigeria’s foreign reserves have crossed the $45bn mark, giving the Central Bank the firepower to maintain stability. The Naira has stabilized, moving away from the volatility that once fuelled speculation. The Central Bank of Nigeria, in its latest outlook, projects foreign reserves will cross the $50bn threshold in the first quarter of 2026.
“We are also seeing an expansion of the rail networks, the completion of major arterial roads and the revitalization of our ports. With the transformative Lagos-Calabar and Sokoto-Badagry superhighways, the nation’s infrastructure is growing.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund (NELFUND), and universities are receiving increased research grants.
“Nation-building is a process, not a destination. Hard work, sacrifices, and the focus of its citizens build a nation. The NGN 100trn market capitalization is a signal to the world that the Nigerian economy is robust and productive.
“As your leader, I pledge to continue working unrelentingly to build an egalitarian, transparent, and high-growth economy that will be further catalyzed by the historic tax and fiscal reforms that came into full implementation from January 1.”
President Tinubu said: “Nation-building is a process, not a destination. The NGN 100trn market capitalization is a signal to the world that the Nigerian economy is robust, productive, and open for business.”