Nigeria’s equities market has reached a historic milestone as total market capitalisation crossed the N100 trillion mark for the first time, reflecting sustained investor confidence and a strong rally in share prices.
Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation closed above N100 trillion during the latest trading session, driven largely by price appreciation in heavyweight stocks across the banking, industrial goods, telecommunications and consumer goods sectors.
The milestone comes amid renewed interest from both domestic and foreign investors, supported by improved market liquidity, stronger corporate earnings and reforms in the foreign exchange market that have helped ease repatriation concerns.
Analysts attribute the surge to the rally in large-capitalised stocks such as Dangote Cement, MTN Nigeria, Airtel Africa and leading tier-one banks, whose gains significantly boosted overall market value.
The All-Share Index (ASI) also advanced in tandem, underscoring broad-based buying pressure as investors position ahead of full-year earnings releases and dividend declarations.
Market operators said the N100 trillion threshold highlights the growing depth of Nigeria’s capital market and its increasing role in mobilising long-term funds for economic growth.
“This is a significant psychological and economic milestone,” said a Lagos-based stockbroker. “It signals improved confidence in listed companies and reflects the impact of macroeconomic adjustments, especially exchange rate reforms.”
Despite the rally, analysts cautioned that profit-taking could emerge in the short term, particularly as inflation remains elevated and interest rates stay high. However, they remain optimistic that fundamentally strong stocks will continue to attract inflows.
Nigeria’s stock market has been one of the best-performing asset classes in recent months, outperforming fixed-income instruments as investors seek inflation-hedging opportunities and capital appreciation.
The NGX milestone further cements the equities market’s position as a key pillar of Nigeria’s financial system and a barometer of investor sentiment in Africa’s largest economy.
