Nigeria’s capital market, has gained renewed traction, driven by regulatory clarity, macroeconomic reform, and rising investor interest. Leading this shift is Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), who is repositioning the market as a catalyst for long-term capital formation and sustainable economic growth.
NGX Group, comprising Nigerian Exchange Limited (NGX), NGX Regulation (NGX RegCo), and NGX Real Estate (NGX RelCo), has taken a multi-layered approach to market development.
From championing product innovation and policy advocacy to reinforcing investor confidence, the Group is strategically positioned to support Nigeria’s economic ambitions through a more efficient and accessible capital market.
Analysis of the market showed that the first half of 2025 recorded strong momentum across multiple asset classes. Total market capitalisation of NGX-listed instruments rose by 16%, from N112.60 trillion in January to N126.73 trillion by June. This growth was largely driven by equities, which increased from N62.76 trillion to N75.95 trillion. Fixed income remained stable at N50.56 trillion, while ETFs gained traction among retail investors, rising to N25.79 billion.
Popoola attributed the market’s performance to a deliberate focus on structural reforms and strong regulatory engagement. “We have worked closely with the Securities and Exchange Commission to enhance market transparency, drive product diversification, and strengthen investor protections. Our aim is to build a market that competes globally while remaining inclusive and resilient,” he said.
Over N4.63 trillion in capital was raised in the first half of 2025, H1’25 through the Exchange, spanning corporate and sovereign instruments. This capital played a key role in financing infrastructure, supporting enterprise growth, and spurring innovation. Part of this traction can be traced to strategic initiatives introduced in 2024, including the launch of NGX Invest, a digital platform created to simplify participation in public offerings. Since its rollout, NGX Invest has expanded access to primary market instruments and played a central role in the ongoing banking sector recapitalisation, facilitating over N2 trillion in capital raised.
Commenting on market development, David Adonri, Vice Chairman of Equity Capital Solution Limited, noted: “The equities market appreciated by 16.6% in the first half, with Q2 alone contributing 13.6%. Stabilising interest rates and foreign exchange conditions have restored investor confidence, particularly among foreign portfolio investors.”
Sectoral performance reinforced the overall market optimism. The NGX Consumer Goods Index advanced by 51.21%, while the NGX Pension and Banking indices rose by 19.32% and 18.06%, respectively, indicating resilience across key sectors.
Beyond Nigeria, NGX Group is actively extending its footprint. Its investment in the Ethiopian Securities Exchange (ESX) marks a strategic push toward regional capital market integration. Simultaneously, ongoing engagements with the Shanghai and Hong Kong Stock Exchanges on dual listings and liquidity frameworks aim to connect Nigerian companies with deeper global pools of capital. “Our outlook is continental and global. We’re focused on removing friction in capital flow across borders,” Popoola added.
Sustainability remains a central theme. NGX Group has inked a funding partnership with DEG Impulse to advance green finance and is collaborating with the International Finance Corporation to promote ESG reporting standards and green bond issuance. The Group is also investing in financial literacy programmes and gender inclusion initiatives, reinforcing its commitment to a more equitable financial ecosystem.
With a strong first-half performance, deepened regulatory collaboration, and expanding global partnerships, NGX Group continues to shape the direction of Nigeria’s financial markets. As Popoola puts it: “This is about more than growth. It’s about building the architecture for the future of African finance.”
With the second half of 2025 already in motion, the NGX All-Share Index reached a record high of 126,149.57 points on Friday, July 11, underscoring sustained investor confidence. Backed by stronger macroeconomic fundamentals, rising foreign participation, and a healthy pipeline of listings, Nigeria’s capital market is poised for continued expansion. Under Popoola’s leadership, NGX Group remains focused on strengthening market depth, attracting long-term capital, and positioning Nigeria as a leading investment destination in Africa
