Nigeria is targeting a N300 trillion equities market capitalisation as the Nigerian Exchange Group (NGX Group) moves to attract more companies and expand investment opportunities in the country’s capital market.
The target comes as the stock market continues to record growth, with authorities seeking to strengthen its role in financing businesses and supporting Nigeria’s economic development.
Chairman of NGX Group, Umaru Kwairanga, disclosed the ambition at the 30th anniversary and annual awards dinner of the Association of Issuing Houses of Nigeria in Lagos.
Kwairanga said the market’s capitalisation had grown from below N50 trillion three years ago to more than N160 trillion, expressing confidence in its potential to reach the N300 trillion mark.
To achieve this, the exchange is looking to attract more companies, particularly major businesses in strategic sectors such as energy and technology.
Major listings to drive growth
The listing of large companies could significantly increase the size of the Nigerian equities market while providing investors with more opportunities to own shares in leading businesses.
The proposed public offering involving Dangote Refinery is one of the developments expected to attract greater participation in the market.
There are also expectations that a local listing by fintech company OPay could strengthen the presence of technology businesses on the Nigerian Exchange and widen investment opportunities.
Beyond attracting major companies, NGX is also seeking to encourage more retail investors to participate in the stock market.
Increased participation by individual investors could deepen market activity and help channel domestic savings into businesses seeking long-term funding.
However, sustaining this growth will depend on investor confidence, transparency and a stable investment environment.
The N300 trillion target reflects the growing ambition to make Nigeria’s capital market a stronger driver of economic growth.
Achieving the milestone will require sustained listings, broader investor participation and continued efforts to make the market more attractive to businesses and investors.
