The Nigerian Exchange (NGX) is having a breakout year in 2026, emerging as one of the best-performing stock markets globally as strong capital gains and impressive year-to-date returns attract growing interest from both foreign and domestic investors.
The growth has also been reflected in the market capitalisation of listed companies, which has surged by more than 430% over the past three years, rising from about N30 trillion in 2023 to approximately N160 trillion in 2026.
The NGX is projecting that total market capitalisation could reach N230 trillion before the end of 2026, supported by rising valuations and an expected wave of new listings.
What you should know
A major catalyst for the expected expansion is the pipeline of new listings before the end of the year, with Dangote Petroleum Refinery & Petrochemicals emerging as the biggest potential listing.
The refinery is targeting a $5 billion initial public offering (IPO), which is expected to be completed by October 2026 and could become one of the largest stock market listings in Africa.
The NGX has also called on the Federal Government to introduce policies that would encourage major fintech and e-commerce companies to list on the domestic exchange, allowing Nigerian investors to participate directly in the growth of these businesses.
What they are saying
One entrepreneur paying increasing attention to Nigeria’s capital market is Nigerian musician-turned-businessman Mr Eazi, whose real name is Oluwatosin Oluwole Ajibade.
Mr Eazi, the founder of emPawa Africa, a talent incubator that supports emerging African artists, said he is increasingly interested in the Nigerian capital market and plans to “go big” on the NGX.
In an interview with Nairametrics, he pointed to Nigerian business leaders including Abdul Samad Rabiu, Aliko Dangote and Femi Otedola as sources of inspiration for his growing interest in the market.
His comments come as the NGX seeks to attract more companies, entrepreneurs and investors into Nigeria’s capital market and deepen local participation in the country’s expanding equity market.
The combination of strong market performance, new listings and growing interest from high-profile entrepreneurs could further strengthen the NGX’s position as one of Africa’s most important capital markets in 2026.
