Nigerian stock market valuation hits N100 trillion following 51% annual growth

By: Chidozie Nwali

In a historic display of market resilience and investor appetite, the Nigerian Exchange (NGX) equities market capitalization officially breached the N100 trillion milestone on Monday. The breakthrough marks a psychological and economic turning point for Africa’s largest economy, following a smash hit in 2025 where the market returned 51.19%, adding over N36.6 trillion in value within a single year.

The market opened the first week of 2026 on the cusp of the record, ending the prior session at N99.94 trillion. Strong buying interest in high-cap stocks during today’s session provided the final push needed to cross the threshold.

A key driver of the rally is the portfolio rebalancing at the start of the year which  saw significant inflows from institutional investors seeking to capitalize on 2025’s momentum.

As the March 2026 deadline for the CBN’s recapitalization exercise looms, banks like Zenith, Access, and GTCO have seen heightened activity as they solidify their balance sheets.

On stock trading, sustained demand for Dangote Cement and BUA Foods, alongside the highly anticipated performance of Aradel Holdings, anchored the market’s valuation.

Investor confidence has been bolstered by more stable foreign exchange liquidity.

The journey to this record-breaking valuation was built on a foundation of rapid growth over the last 13 months. At the close of December 31, 2024, the market stood at a valuation of N62.76 trillion with the All-Share Index (ASI) resting at 102,926.40 points.

Throughout 2025, the market maintained a steady upward trajectory, crossing the N70.40 trillion mark by May 2025, fueled by high-cap listings and banking sector interest.

By the end of the 2025 trading year, the ASI had climbed to 155,613.03 points, bringing the market capitalization to N99.38 trillion—leaving the exchange just a fraction away from the triple-digit threshold.

The momentum continued into the first trading day of 2026, where the index rose to 156,492.36 points and pushed the valuation to N99.94 trillion. Today’s surge of 1.74% finally propelled the All-Share Index to 159,215.48 points, officially cementing a market capitalization of N101.80 trillion.

Analysts note that while the N100 trillion mark is a “symbolic milestone,” the market is entering a phase of consolidation. With inflation stabilizing at 14.45% and GDP growth remaining solid, the NGX has transitioned from a speculative capital market into a deeper, more structurally sound capital market.

Last December, NGX transitioned fully from the  traditional T3 to T2 settlement circle; this shorter transaction settlement period made the Nigerian stock market increasingly attractive to investors, as its a shift from the longstanding three days settlement circle to a two day settlement period for investors who wish to sell, buy or transfer their stocks.