Nigeria’s equities market has been ranked the third-largest in Africa by number of listed companies, highlighting the expanding role of the Nigerian capital market on the continent, according to the Organisation of Economic Co-operation and Development (OECD).
The OECD’s Africa Markets Report 2025 shows that the Nigerian Exchange (NGX) has 156 listed companies, placing it behind Egypt’s Egyptian Stock Exchange with 245 firms and South Africa’s Johannesburg Stock Exchange with 204.
The NGX’s total market capitalisation was estimated at $33 billion.
The report noted that South Africa remains Africa’s most developed public equity market, accounting for about 60 per cent of the continent’s total market capitalisation. Its market capitalisation-to-GDP ratio of 84 per cent is not only higher than those of other African countries but also exceeds the emerging markets average of 61 per cent.
“At the country level, only a few markets stand out in terms of size and activity,” the OECD said. It added that South African listed companies are significantly larger on average, with a median market capitalisation of $195 million.
Morocco, Egypt and Nigeria were also identified as relatively large markets, together accounting for 15 per cent of Africa’s total market capitalisation and nearly half of all listed companies across the continent.
Other exchanges in the top 10 include Mauritius with 94 listed companies, Tunisia with 79, Kenya with 61, Zimbabwe with 60, Côte d’Ivoire with 45, Ghana with 29 and Botswana with 23.
By contrast, stock exchanges in Tanzania, Uganda, Zambia and Namibia were described as small, each listing between 12 and 29 companies with market capitalisation ranging from five to 20 per cent of GDP.
Nigeria’s broad-based exchange is strategically important, hosting companies in key sectors such as banking, telecommunications, manufacturing and energy.
The NGX also provides a platform for major blue-chip firms, including MTN Nigeria and BUA Foods, reinforcing its role in domestic wealth creation and institutional investment.
The market has sustained strong momentum into 2026, with total capitalisation crossing the ₦100 trillion mark. On January 5, 2026, market capitalisation closed at ₦101.8 trillion.
The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said the milestone reflects the market’s increasing depth, resilience and ability to respond positively to improving macroeconomic conditions and ongoing structural reforms.
Popoola said the Exchange plans to maintain the momentum by strengthening market infrastructure, deepening partnerships and leveraging technology to position Nigeria’s capital market as a leading hub for long-term investment in Africa.
Looking ahead, the Central Bank of Nigeria has projected that the capital market will remain bullish in 2026, supported by recapitalisation exercises, rising investor confidence and policy initiatives aimed at stimulating growth.
Key measures include technology-driven strategies, collaboration between the NGX and the Federal Ministry of Industry, Trade and Investment, zero per cent capital gains tax for small businesses and a ₦150 million exemption for retail investors.
Investment firms share the optimistic outlook, though with some caution.
Coronation Research expects positive sentiment to persist in the near term, driven by portfolio rebalancing, bargain hunting in fundamentally strong stocks and positioning ahead of full-year earnings and dividend announcements.
United Capital analysts, however, anticipate a more selective rally, with strength in consumer goods, banking and insurance stocks, even as profit-taking tempers gains in the absence of new market catalysts.