Nigerian Equities Hit Historic N140trn, Investors Confidence Soar

Nigeria’s equities market has crossed the historic N140trn mark in capitalisation, buoyed by renewed investor confidence following the country’s reclassification to Frontier Market status and a wave of ongoing market reforms.

Data from the Nigerian Exchange Limited (NGX) tracked by THE WHISTLER, showed that total market capitalisation rose to N140.44trn at the close of trading on Monday, April 20, 2026, while the benchmark All-Share Index (ASI) climbed to a record 218,113.84 points.

This represents a steady increase from N130.4trn and 202,584.88 points recorded on April 8, underscoring a sustained bullish run in the domestic bourse.

The rally has been largely driven by Nigeria’s recent reclassification by FTSE Russell from “Unclassified” to Frontier Market status, a development announced on April 7 and scheduled to take effect in September 2026.

The upgrade, which reflects improved foreign exchange liquidity and resolution of repatriation constraints, has triggered an estimated N10trn surge in market value within weeks.

Investor sentiment has strengthened significantly, with both domestic and foreign participants increasing their exposure to equities amid expectations of improved market accessibility and stability.

Analysts say the equities market is increasingly being viewed as a hedge against inflation, further supporting demand.

The NGX’s performance was further reflected in daily trading activity, with the ASI advancing by 0.43 per cent from 217,167.57 points on Friday to Monday’s record close.

Market capitalisation also rose from N139.83trn to N140.44trn within the same period, highlighting consistent buying pressure.

Market operators attribute the positive trend to a combination of policy reforms, improving macroeconomic conditions, and stronger domestic participation.

Chairman of NGX Group Plc, Umaru Kwairanga,had noted that the market’s resilience reflects the benefits of regulatory clarity and policy consistency.

He disclosed that as of December 24, 2025, the total capitalisation of Nigeria’s capital market, covering equities, bonds, and exchange-traded products, stood at N149.88trn, with equities accounting for over 65 per cent at N98.89tn.

According to him, domestic investors continue to dominate trading, contributing nearly 80 per cent of transaction value, while foreign investors account for about 20 per cent.

Kwairanga, however, cautioned that while foreign portfolio investment has improved, it remains constrained by lingering foreign exchange concerns and uncertainties around capital repatriation and taxation.

He stressed the need for coherent tax policies, transparent FX frameworks, and efficient cross-border settlement systems to sustain offshore participation.

Further strengthening the market outlook, the NGX announced an extension of its trading hours, effective April 27, 2026, following approval from the Securities and Exchange Commission.

Market stakeholders say the reform aligns Nigeria’s exchange more closely with international standards, thereby increasing its attractiveness to a broader pool of investors.

Group Managing Director and Chief Executive Officer of NGX, Temi Popoola, said the milestone reflects strengthening fundamentals, improved liquidity, and more efficient price discovery mechanisms within the market.

He added that Nigeria’s growing global visibility, supported by its Frontier Market status, positions the country to attract sustained capital inflows from investors seeking diversification across emerging and frontier markets.

Looking ahead, market experts expect continued momentum, driven by coordinated reforms, technological advancements, and increasing emphasis on environmental, social, and governance (ESG) standards, which are becoming critical in attracting global capital.

With the combination of structural reforms and improving investor sentiment, Nigeria’s equities market appears poised for further growth, reinforcing its role as a key driver of capital formation in Africa’s largest economy.