Nigeria’s capital market outlook has shown positive signs, with the benchmark index edging up by 0.13 per cent, pushing total market capitalisation to ₦102.82 trillion and lifting the All-Share Index (ASI) to 160,806.56 points.
The latest gains consolidate the market’s recent rally and firmly sustain its position above the psychologically significant ₦100 trillion threshold—a level widely viewed by analysts as a marker of renewed confidence and depth in Nigeria’s equities market.
The uptick was driven by selective buying interest in heavyweight stocks, particularly in the banking, telecommunications, and industrial sectors, amid improving investor sentiment.
President Bola Tinubu is excited over the Nigerian capital market surpassing the N100 trillion benchmark.
Tinubu, in a statement by presidential spokesman Bayo Onanuga, described this achievement as a historic milestone and a strong signal of renewed investor confidence in the economy.
“With the Nigerian Exchange (NGX) crossing the historic N100 trillion market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” the statement partly read.
51.19% Return
The NGX All-Share Index closed 2025 with a 51.19 per cent return, eclipsing the 37.65 per cent recorded in 2024 and outperforming major global indices, including the S&P 500 and FTSE 100.
Tinubu said the performance places Nigeria among the world’s best-performing equity markets, adding that the country is no longer a frontier market to be ignored but a destination where value is being unlocked.
The ex-Lagos State governor said several companies across key sectors have recorded strong performances.
He cited industrial firms that have localised supply chains and a resilient banking sector driven by technological innovation.
According to him, the pipeline of new listings on the NGX is robust, with indigenous energy companies, technology firms, telecom operators and infrastructure-related businesses seeking to access the capital market to fund
expansion.
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On the broader economy, Tinubu said inflation has continued to decelerate following initial challenges from reforms, dropping from a 24-month high of 34.8 per cent in December 2024 to 14.45 per cent by November 2025, with projections of 12 per cent in 2026 and a possible drop below 10 per cent before the end of the year.
He added that monetary tightening and the removal of “ways and means” financing have helped stabilise the naira, while investments in agriculture have contributed to easing inflationary pressures.
Tax-Driven Economy
President Tinubu pledged to continue pursuing policies aimed at building a transparent, inclusive, and high-growth economy, driven by tax and fiscal reforms that took full effect from January 1, describing the ₦100 trillion market capitalisation as a strong signal of Nigeria’s economic resilience and productivity.
Increased participation by local institutional investors has also helped sustain momentum, cushioning the market against short-term volatility.
Beyond headline numbers, the expanding market capitalisation is seen as a positive signal for capital formation, wealth creation, and broader economic growth.
A deeper and more liquid capital market enhances the ability of companies to raise long-term funding, supports infrastructure financing, and provides diversified investment opportunities for pension funds and retail investors.
However, while caution remains around inflation, interest rates, and global market headwinds, the latest performance suggests a cautiously optimistic outlook.
For policymakers and investors alike, the crossing of the ₦100 trillion mark is not just symbolic—it represents a statement of intent that Nigeria’s capital market is repositioning itself as a stronger pillar of the economy.
