Nigerian Exchange Group (NGX Group) was incorporated on September 15, 1960, as the Lagos Stock Exchange, weeks before Nigeria gained independence. This marked the beginning of Nigeria's capital market, which has evolved over the years to support the country's economic journey. From nation-building to industrialization, privatization, and technological transformation, the capital market has played a vital role. Today, NGX Group continues to facilitate Nigeria's economic growth, with a focus on mobilizing domestic savings and attracting investment into the productive sectors of the economy.
In 2025, NGX Group facilitated approximately N6.49 trillion in capital raising by government and corporate issuers through equity and fixed-income instruments. This significant amount supported various financing needs across the economy, from business expansion to government financing. The momentum continued into 2026, with the Federal Government raising approximately N10.84 trillion through FGN bonds between January and September. Corporate listings on NGX reached approximately N2.76 trillion by September, demonstrating the market's growing importance.
The capital market's role extends beyond transactions, as it connects capital with opportunity. Businesses can use raised capital to support expansion, strengthen balance sheets, and fund new investments. Government borrowing through the capital market mobilizes domestic savings towards public financing requirements. Investors gain opportunities to allocate their capital to businesses and instruments participating in the country's economic activity. This fundamental economic function of a capital market is crucial for Nigeria's growth.
According to Temi Popoola, group managing director and Chief Executive Officer of NGX Group, the priority now is ensuring the capital market has the depth and capacity to support Nigeria's next phase of growth. The market must mobilize domestic savings, connect businesses and government with long-term capital, broaden participation, and attract investment into the productive sectors of the economy. NGX Group's responsibility is to build a market that can respond to Nigeria's financing needs and support long-term growth.
Nigeria's recent banking-sector recapitalization is a demonstration of the capital market's economic role. Over 24 months, 33 banks raised N4.65 trillion in fresh capital to meet revised minimum capital requirements. The Securities and Exchange Commission described this exercise as a major demonstration of the capital market's capacity to mobilize capital at scale. The recapitalization also highlighted the changing role of technology in capital formation, with NGX Invest facilitating over N2.8 trillion, or about 60%, of the capital raised.
The capital market is increasingly becoming part of the infrastructure through which economic transformation can be financed. Technology has helped narrow the gap in participation, with NGX Invest expanding channels for investors to access public offers and rights issues. The platform has connected issuers to over 180 distribution channels, including stockbrokers, banks, fintechs, and other financial institutions. This development has brought primary-market opportunities closer to retail investors, reducing traditional friction associated with participating in public offers.
The introduction of WhatsApp as another access channel is part of the same evolution, meeting investors on platforms they already use. The broader objective is to create a market in which participation in economic growth is less distant from the everyday Nigerian. As Nigeria looks towards its next phase of development, the capital market's role in mobilizing savings and investment will continue to be crucial. NGX Group's 60-year journey has positioned it to support Nigeria's economic growth, and its future developments will be closely watched.
Key points
- NGX Group has facilitated significant capital raising for government and corporate issuers, supporting Nigeria's economic growth.
- The capital market has played a vital role in Nigeria's economic journey, from nation-building to technological transformation.
- NGX Group is focused on building a market that can respond to Nigeria's financing needs and support long-term growth.
