Nigeria’s Equity Market Capitalisation Rises N63.72tn In Nine Months

Nigeria’s equity market capitalisation increased by N63.72tn in the first nine months of 2026, rising from N99.38tn at the end of December 2025 to N163.10tn as of September 30, according to the Nigerian Exchange Group (NGX Group).

The market expansion coincided with a 61.43 per cent year-to-date gain in the NGX All-Share Index, reflecting the strong performance of listed equities during the period.

NGX Group disclosed the figures in its unaudited financial results for the nine months ended September 30, 2026, released on Tuesday.

The Group attributed its performance to increasing investor participation, particularly retail investors accessing the market through digital self-service channels, alongside higher trading activity and continued capital-raising initiatives.

The growth in market capitalisation represents an increase of about 64.12 per cent from the end of 2025, highlighting the expansion in the value of equities listed on the Nigerian Exchange.

According to the Group, the market’s performance reflects the growing participation of individual investors, pension funds and institutional investors in Nigeria’s capital market.

NGX Group also reported that transaction fees more than doubled to N20.7bn during the nine-month period, compared with N9.7bn in the corresponding period of 2025, representing an increase of 112.4 per cent.

The Group linked the growth in transaction fees to higher trading volumes and a widening investor base, with more retail investors using digital platforms connected to the Exchange to open accounts and execute trades.

Listing fees also increased by 24.4 per cent to N3.7bn from N3.0bn in the corresponding period of 2025, reflecting continued capital-raising activities and new admissions to the market.

The results further showed that NGX Group improved its cost-to-income ratio to 49.7 per cent from 52.3 per cent in the same period of the previous year, indicating improved operational efficiency despite increased investment in personnel, technology and market infrastructure.

The Group said its expenditure during the period reflected investments in technology, market surveillance, investor engagement and infrastructure to support a larger and increasingly digital capital market.

It added that these investments would support its plans to modernise platforms, expand market data services and improve digital access as trading activity and investor participation grow.Meanwhile, NGX Group reported that shareholders received N8.2bn in dividends during the nine-month period, an increase of 86.7 per cent compared with the corresponding period of 2025.Shareholders also benefited from a one-for-three bonus issue approved in April 2026.

As of September 30, 2026, the Group’s total assets stood at N79.1bn, while shareholders’ equity was N61.1bn.Commenting on the results, NGX Group Chairman, Umaru Kwairanga, said the figures demonstrated the importance of effective governance and strategic investment in deepening Nigeria’s capital market.

He said the Group remained focused on expanding market products, increasing the number of listed companies and broadening investor participation while ensuring that investments strengthened the market’s foundations.

Kwairanga added that the Group would continue to pursue shareholder value through dividends and bonus issues in line with its growth and market conditions.

The Group Managing Director and Chief Executive Officer, Temi Popoola, said the growing number of Nigerians investing through digital channels had contributed to increased market activity.

He said NGX Group was investing in its workforce, infrastructure and technology to accommodate further growth in investor participation while maintaining the efficiency and security of its platforms.

Popoola added that the Group would focus on expanding digital access, deepening market data services and strengthening partnerships across Africa.

The results come amid increased activity in Nigeria’s equity market in 2026, with the rise in market capitalisation reflecting the higher aggregate value of listed equities over the period.

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