Nigeria’s capital market is undergoing a historic resurgence, fueled by clear regulatory signals, bold economic reforms, and growing investor confidence. At the heart of this transformation is the Nigerian Exchange Group (NGX Group), under the leadership of its Group Managing Director and CEO, Temi Popoola. His forward thinking strategy is not just revitalizing the market, but repositioning it as a catalyst for long-term capital formation and sustainable national development.
The NGX Group, which encompasses Nigerian Exchange Limited (NGX), NGX Regulation (NGX RegCo), and NGX Real Estate (NGX RelCo), has adopted a multi-dimensional approach to market deepening. Through policy advocacy, product innovation, and digital transformation, the Group is strategically aligning the capital market with Nigeria’s broader economic objectives—creating a more transparent, inclusive, and globally competitive investment ecosystem.
In the first half of 2025, the market recorded robust momentum across asset classes. Total market capitalisation of NGX-listed instruments grew by an impressive 16%, surging from ₦112.60 trillion in January to ₦126.73 trillion by June. Equities led this growth, expanding from ₦62.76 trillion to ₦75.95 trillion. Meanwhile, fixed income remained stable at ₦50.56 trillion, and ETFs gained increased attention among retail investors, with valuations climbing to ₦25.79 billion.
Over ₦4.63 trillion in capital was raised during H1 2025, spanning sovereign and corporate instruments. This capital injection supported infrastructure projects, spurred enterprise development, and catalyzed innovation. Much of this progress can be traced to strategic reforms initiated in 2024, including the rollout of NGX Invest in digital platform aimed at simplifying access to public offerings. NGX Invest has since played a pivotal role in the ongoing banking recapitalisation, facilitating over ₦2 trillion in capital formation.
According to Popoola, the market’s performance reflects a deliberate focus on structural transformation and regulatory synergy. “We have worked closely with the SEC to improve transparency, diversify products, and reinforce investor protection. Our objective is to build a world class, resilient market that can compete globally while remaining inclusive,” he stated.
Sectoral data further confirms this bullish trend. The NGX Consumer Goods Index soared by 51.21%, while the Pension and Banking Indices grew by 19.32% and 18.06% respectively, highlighting investor confidence across core sectors. David Adonri, Vice Chairman of Equity Capital Solution Limited, attributes this optimism to stabilising interest rates and forex reforms, which have drawn back foreign portfolio investors and deepened local participation.
Beyond local gains, NGX Group is extending its influence through cross-border collaborations and global investor engagement. Its stake in the Ethiopian Securities Exchange (ESX) underscores a strategic push toward regional capital market integration. Simultaneously, ongoing discussions with the Shanghai and Hong Kong Stock Exchanges signal intentions for dual listings and improved cross-market liquidity positioning Nigerian firms to access deeper global pools of capital.
Sustainability and inclusivity remain central to NGX’s vision. The Group recently partnered with DEG Impulse to expand green finance initiatives and is collaborating with the International Finance Corporation (IFC) to promote ESG reporting and green bond issuance. Financial literacy and gender inclusion programmes are also being scaled, ensuring broader market participation and long-term equity.
With the NGX All-Share Index reaching a record high of 126,149.57 points on July 11, 2025, the outlook remains promising. A stable macroeconomic environment, increasing foreign interest, and a strong pipeline of new listings point to sustained momentum in the second half of the year.
As Temi Popoola aptly put it: “This is about more than growth. It’s about building the architecture for the future of African finance.”
