The Nigerian Exchange Limited (NGX) has reported a strong appreciation in capital raising, facilitating over N4.63 trillion in the first half of 2025. The Mobilisation, encompassing both sovereign and corporate instruments, is seen to have played a critical role in financing major infrastructure projects, accelerating business expansion, and enhancing innovation across key sectors of the Nigerian economy.
The momentum is largely attributed to transformative initiatives launched in 2024, particularly NGX Invest. The digital platform, designed to simplify access to public offerings, has since its rollout broadened investor participation in the primary market, establishing itself as a cornerstone of Nigeria’s reinvigorated capital mobilisation efforts. Notably, NGX Invest was pivotal in supporting the banking sector’s recapitalisation drive, aiding the mobilisation of more than N2 trillion.
Data from the exchange reveals positive capital market activity throughout the first half of the year. Total market capitalisation rose 16 per cent, rising from N112.6 trillion in January to N126.73 trillion by June. This uptick was primarily driven by equities trading, which saw a gain from N62.76 trillion to N75.95 trillion. The fixed-income market maintained stability at N50.56 trillion, while exchange-traded funds (ETFs) continued to gain traction, particularly among retail investors, reaching a value of N25.79 billion.
This resurgence reflects a growing appeal for Nigeria’s capital markets, benefiting from enhanced macroeconomic stability, a more transparent regulatory environment, and heightened investor confidence.
Temi Popoola, group managing director and chief executive officer of NGX Group, attributed the improved market performance to closer collaboration with regulators, notably the Securities and Exchange Commission (SEC). He explained that these joint efforts have concentrated on strengthening investor protections, expanding product offerings, and enhancing overall market transparency. “We are building a globally competitive market that remains inclusive, resilient, and reflective of Nigeria’s growth aspirations,” Popoola affirmed.
Sectoral indices further underscore the market’s resilience and dynamism. The NGX Consumer Goods Index posted a 51.21 per cent gain. Simultaneously, the NGX Pension and NGX Banking indices rose by 19.32 per cent and 18.06 per cent respectively, signalling renewed investor confidence in Nigeria’s economic fundamentals.
Beyond domestic achievements, Popoola highlighted NGX Group’s ambition for broader regional and global integration. A major step in this direction was its strategic investment in the Ethiopian Securities Exchange (ESX), aimed at driving regional capital market integration. Concurrently, active discussions are underway with the Shanghai and Hong Kong Stock Exchanges to explore opportunities for dual listings and improved liquidity frameworks, initiatives poised to boost cross-border capital flow and deepen global investor participation.
David Adonri, vice chairman of Equity Capital Solution Limited, further observed that the equities market’s substantial 16.6 per cent increase in the first half, with a 13.6 per cent occurring in the second quarter alone, was propelled by stabilising interest rates and improved foreign exchange dynamics, successfully rekindling interest among foreign portfolio investors.
