Government, Corporate Activities Lift NGX Overall Market Capitalisation to N226.38tn in First 10 Months of 2026

Kayode Tokede

The overall market capitalisation of listed securities rose to a record N226.38 trillion in the first 10 months of 2026, driven by increased government and corporate activity on the Nigerian Exchange Limited (NGX), according to a report by NGX.

The figure, recorded as of October 30, 2026, rose to N76.64 trillion, or 51.2 per cent, from N149.74 trillion recorded at the close of trading in 2025.

The total covered four categories: Equities, bonds, securities on the Non-Interest Finance Board and exchange-traded funds (ETFs).

The equities segment comprises more than 150 stocks, while debt securities include commercial papers, corporate bonds and debentures, Federal Government bonds, and state and local government bonds.

On a month-on-month basis, the overall market capitalisation increased by N2.98 trillion, or 1.34 per cent, from N223.4 trillion at the end of September 2026.

The Exchange has witnessed increased listings of federal and state government debt securities, strong corporate earnings, improved economic indicators and renewed investor interest in stocks with strong fundamentals.

According to NGX data, equities accounted for the largest share of the overall market capitalisation at approximately 72.9 per cent, followed by bonds at 26.46 per cent.

Securities on the Non-Interest Finance Board and ETFs accounted for 0.59 per cent and 0.02 per cent, respectively.

A breakdown showed that equities market capitalisation rose to N165.114 trillion at the end of October 2026, up 66.5 per cent from N99.18 trillion at the close of 2025.

The market capitalisation of listed bonds increased by 18.6 per cent to N59.89 trillion from N50.51 trillion at the end of the previous year.

The federal government’s bonds, the largest component of the bond market, rose to N57.2 trillion from N49.32 trillion, while corporate bonds and debentures increased to N2.03 trillion from N893.9 billion.

State and local government bonds stood at N571.05 billion at the end of October 2026, up about 91.1 per cent from N298.77 billion at the close of 2025.

NGX data also showed that the market capitalisation of securities on the Non-Interest Finance Board, which commenced operations in July 2026, increased to N1.33 trillion in October from N1.29 trillion in September.

However, ETF market capitalisation declined by 1.4 per cent to N42.24 billion from N42.845 billion at the close of 2025.

The Exchange’s statistics included commercial papers among its debt securities for the first time in August 2026.

Market analysts attributed the growth recorded on the NGX in 2026 to the Central Bank of Nigeria’s (CBN) foreign exchange reforms, the federal government’s removal of the petrol subsidy, banking sector reforms and strong earnings by listed companies.

They also cited easing inflation, the CBN’s Monetary Policy Committee’s reduction of the Monetary Policy Rate (MPR) to 23 per cent, and improved financial system liquidity as factors supporting the market’s performance.

The foreign exchange reforms were also credited with supporting increased capital inflows and greater exchange rate stability.

The federal government has increased borrowing to finance the 2026 budget, with some of the resulting debt securities listed on the NGX through the Debt Management Office (DMO).

NGX Group attributed the bullish trend to regulatory clarity, macroeconomic reforms and growing confidence among domestic and foreign investors, describing the gains as placing the Nigerian market among the best-performing globally.

Market analysts similarly identified investor confidence, macroeconomic reforms and improved corporate performance as the principal drivers of the rally.

They cited renewed foreign portfolio investment, stronger company fundamentals and oversubscribed public offerings as indications of a more resilient and increasingly attractive Nigerian capital market.

The Managing Director of Financial Derivatives Company, Bismarck Rewane, had projected that equities market capitalisation could grow by about 190 per cent from N91 trillion to N262 trillion by 2026.

Rewane argued that prospective listings, including Dangote Refinery, which he valued at about $32 billion, and NNPC Limited, could help expand equities market capitalisation from about 20 per cent of gross domestic product to nearly 80 per cent over the medium term.