The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi Popoola, has projected that the market value of companies listed on the Nigerian Exchange will rise to N230 trillion by the end of 2026. This growth is expected to be driven by anticipated major listings and sustained investor interest.
Popoola disclosed this during a meeting with President Bola Ahmed Tinubu at the State House in Abuja. He highlighted the rapid expansion of Nigeria’s capital market over the past three years.
According to Popoola, the total value of listed companies has increased from about N30 trillion when President Tinubu assumed office in May 2023 to approximately N160 trillion currently.
Drivers of the Projected Market Expansion
The projected N230 trillion valuation implies a further increase of about 43.8% from current levels. This would represent a more than sevenfold rise from the market value recorded in 2023.
A key factor behind the forecast is the anticipated listing of major companies on the exchange before the end of the year. Among the most significant is the planned listing of Dangote Petroleum Refinery & Petrochemicals, which is targeting a $5 billion initial public offering (IPO) expected to be completed by October 2026.
The refinery recently announced the successful completion of a $2.5 billion private placement, one of the largest corporate fundraising exercises undertaken by an African company. This listing could become the largest stock market debut in Africa’s history, significantly boosting the exchange's overall market capitalisation, liquidity, and attractiveness to foreign investors.
State Participation and Market Performance
During the meeting, President Tinubu hinted that his administration’s economic reforms would eventually include listing the shares of the Nigerian National Petroleum Company (NNPC) Limited on the NGX. This move aims to enable NNPC to become a publicly traded company.
Tinubu reinforced his administration’s commitment to leveraging the capital market to mobilise investment, broaden public ownership, and accelerate national economic development.
The projection comes alongside continued strength in the domestic equities market, which crossed a value of N100 trillion earlier in the year.
According to Nairametrics data, the Nigerian stock market added approximately N237.8 billion in value during the trading week ended August 7, 2026. This lifted the market capitalisation to N158.51 trillion from N158.28 trillion.
The market’s year-to-date return also improved to 57.81%, reflecting sustained investor appetite for equities. The rally was largely supported by strong price appreciation across equities and exchange-traded funds.
