Three years ago, the market capitalization of the Nigerian Exchange (NGX) was N30 trillion. As of May 2026, it has grown to N160 trillion, representing an increase of more than five times.
The NGX is one of Africa’s largest and top-performing equity markets, frequently ranking as the 3rd largest in Africa by market capitalisation and listed companies, behind South Africa’s Johannesburg Stock Exchange (JSE) and the Egyptian Exchange (EGX).
The All-Share Index, meanwhile, has surged from 53,000 points to 250,000 points, a 371 percent gain in nominal terms. For context, an investor who deployed N1 million into a broad basket of NGX equities on inauguration day now sits on close to N4.7 million.
President Bola Ahmed Tinubu, during his speech on his third anniversary in office, attributed the development to growing investor confidence, improved macroeconomic management, and ongoing economic reforms.
The President said companies across various sectors were reporting stronger earnings and declaring improved dividends, reflecting renewed confidence in the economy.
