The Nigerian Exchange Limited (NGX) has witnessed significant growth in 2026, with the market capitalisation of listed stocks advancing by N63.73 trillion. This represents a 64.13 per cent increase from N99.376 trillion at the beginning of the year to N163.105 trillion as of September 30, 2026. The NGX All Share Index also added 95,598.64 basis points or 61.43 per cent Year-till-Date (YtD) to close at 251,211.67 basis points.
The growth in the stock market is attributed to various factors, including foreign exchange reforms, renewed investor confidence, and impressive corporate earnings. The market has seen an unprecedented growth, reaching a historical N164 trillion mark due to improvement in macroeconomic indicators. With less than five new listings, the NGX has demonstrated a strong performance, driven by regulatory clarity and increasing investor confidence.
The return of Nigeria to the FTSE Russell in September 2026 boosted activities in the stock market, with the market gaining N5.37 trillion or 3.4 per cent Month-on-Month (MoM) to close at N163.104 trillion. This was a significant increase from N157.739 trillion in August 2026. Additionally, Nigeria regained its Frontier Market status on September 21, 2026, after a three-year absence from the global index provider's classification.
The NGX Group attributed the bullish trend in the market to regulatory clarity, macroeconomic reforms, and increasing investor confidence. Both local and foreign investors have contributed to the growth, positioning the domestic market among the best-performing globally. Market analysts have identified investor confidence, macroeconomic reforms, and enhanced corporate performance as key drivers of the rally.
The resurgence in foreign portfolio investments, improved company fundamentals, and oversubscribed public offerings have been highlighted as signs of a maturing, resilient, and globally attractive Nigerian capital market. The market commenced the N2.1 trillion Initial Public Offer (IPO) of Dangote Refinery in September 2026, which has generated significant interest among investors.
According to market analysts, such as David Adonri, Vice President of Highcap Securities, the stock market performance in nine months of 2026 was propelled by improving macroeconomic conditions, rising crude oil prices, and a huge rate cut by the Monetary Policy Committee (MPC). Adonri also noted that the switch by investors from the secondary market to the primary market to position for the Dangote Refinery IPO initially depressed the secondary market but later fizzled out.
Looking ahead to the fourth quarter of 2026, market analysts expect the market to be upbeat due to a favorable macroeconomic environment and the proposed listing of Dangote Refinery. However, they also noted that heightened political risk could impact the market. Aruna Kebira, MD/CEO of Globalview Capital Limited, stated that the stock market has shown a resilient and generally positive performance during the nine months of 2026, despite some volatility and economic headwinds.
Key points
- The Nigerian stock market capitalisation rose by N63.73 trillion in nine months of 2026.
- The growth is driven by foreign exchange reforms, renewed investor confidence, and impressive corporate earnings.
- The market is expected to be upbeat in Q4 2026 due to a favorable macroeconomic environment and the proposed listing of Dangote Refinery.
