Nigerian Exchange Capitalisation Surpassing N100trn Reflects Investor Confidence, Says Analysts

…As market gains fresh N468bn

For the first time, the Nigerian Exchange (NGX) capitalisation surpassed the N100 trillion mark on Monday, January 5.

Analysts described the milestone as a strong and sustained confidence among investors in the Nigerian economy, particularly within the equities market.

They argued that the achievement is a testament to the consistent performance of the market over the years, especially under the current administration highlighting the growing trust and optimism of investors in Nigeria’s economic prospects.

Speaking on the achievement, David Adnori, Vice President of Highcap Securities Limited, stated that the positivity reflects the consistent performance over the years, especially under the current administration.

“The NGX market capitalisation’s recent achievement in surpassing the N100 trillion mark signifies a strong and sustained confidence among investors in the Nigerian economy, particularly within the equities market. This positivity reflects the consistent performance over the years, especially under the current administration.”

He highlighted that what is now widely recognised as the Quantitative Easing boom continues to gain momentum, albeit with a slight reduction in intensity.

Looking ahead, Adnori said, “I am optimistic about the opportunities this year, as several significant milestones are anticipated. Notable upcoming listings, such as those of Dangote Refinery, Dangote Fertiliser, and Dangote Petrochemicals, are expected to further invigorate the equities market.

“In addition, the anticipated listing of NNPC, following a turnaround of its balance sheet, presents exciting prospects. Another potential listing of Flutterwave, a key player in the digital economy, would also expand investment avenues in the market.”

He added that “The overall macroeconomic indicators are showing improvement, and measures are being taken to address security concerns. With these developments, there are projections that the all-share index could potentially double this year.”

The managing director of Globalview Capital Limited, Aruna Kebira, noted that this achievement can be attributed to the positive trends in macroeconomic variables observed in 2025, particularly GDP growth and declining inflation, which are likely to continue into 2026.

He stated that this could result in a decrease in borrowing costs for manufacturers if the Central Bank of Nigeria (CBN) lowers the Monetary Policy Rate (MPR), facilitating access to financing for those in the manufacturing sector.

Kebiru explained that given the generally favorable performance of the market in 2025, a trend towards dividend payments is expected, which is what attracts market interest, saying “the current market movement is driven by companies that show growth, even in smaller increments, and that institutional investors, such as Pension Fund Administrators (PFAs), will help maintain market stability, especially in the face of potential foreign investor exits due to the upcoming pre-election year.”

The equities market sustained its upward trajectory yesterday, with the market capitalisation expanding by N468 billion. The All-Share Index rose by 732.86 points, representing a gain of 0.46 per cent, to close at 159,951.08 points. Similarly, the overall market capitalisation value gained N468 billion to close at N102.275 trillion.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks, which include Presco, Dangote Cement, Eunisell Interlinked, Beta Glass, and Stanbic IBTC Holdings.