Nigerian equity market hits N97.9trn milestone as investor confidence surges
By Denis Matthew
The Nigerian capital market has reached a historic peak, with the total market capitalization of listed equities soaring to approximately N97.9 trillion.
The Accountant General of the Federation (AGF), Shamsedeen Babatunde Ogunjimi, revealed these figures on Monday, attributing the growth to aggressive equity price appreciation and a robust return of investor confidence in domestic securities.
Delivering his remarks at the 3rd Prof. Uche Uwaleke (PUU) Colloquium, themed "Future-Proofing Africa-wide economic integration, Infrastructure, innovation and capital markets," the AGF provided a data-driven snapshot of the market's trajectory.
In dollar terms, the market's valuation climbed to $76.6 billion in January 2026, a significant leap from the $69.2 billion recorded just a month prior in December 2025.
This upward trend is further mirrored in the Nigerian All-Share Index, which breached the 180,000-point mark by early 2026, signaling sustained bullish momentum and improved liquidity.
Beyond market valuation, Ogunjimi highlighted critical regulatory shifts led by the Securities and Exchange Commission (SEC).
In a bid to fortify the financial system, the SEC introduced heightened capital requirements for brokerage firms, asset managers, and digital-asset platforms in 2026.
These reforms are designed to trigger consolidation among operators and align Nigerian governance standards with global best practices, ensuring the market remains a resilient gateway for West African corporate and sovereign financing.
The AGF emphasized that while resource endowments are important, Africa’s future will be defined by the depth of its financial systems.
He advocated for capital markets to become the primary engine for infrastructure financing estimated to require hundreds of billions of dollars annually through bonds and public-private partnerships.
Echoing this sentiment, Prof. Uche Uwaleke underscored the urgency of the African Continental Free Trade Area (AfCFTA), noting that integration is not an event; it is a process.
He argued that infrastructure must evolve beyond concrete and steel to include invisible digital highways like fiber-optic cables and data centers.
Prof. Uwaleke further posited that if infrastructure is the skeleton of integration, capital markets serve as the bloodstream, necessitating the mobilization of domestic savings, pension funds, and sovereign wealth into productive, cross-border investments.