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The Nigerian Exchange (NGX) has recorded a total market valuation of ₦217.749 trillion as of mid-January 2026, signalling renewed investor confidence and strong market momentum.
Equities Lead the Market Rally
The equity segment continues to be the primary driver of overall market growth.
Data shows that market capitalisation in equities rose from ₦99.376 trillion to ₦166.13 trillion, a 67.2% increase. This translates to a ₦66.75 trillion gain, reflecting strong investor interest and rising stock valuations across major sectors.
Fixed Income Shows Steady Performance
The bonds market, representing NGX’s fixed income segment, posted marginal growth.
Capitalisation edged up from ₦51.476 trillion to ₦51.55 trillion, a ₦80 billion increase or 0.15% rise.
This indicates stability in bond trading, although activity remains relatively subdued compared to equities and ETFs.
ETFs Gain Momentum Among Investors
Exchange-Traded Funds delivered significant gains, rising from ₦45.55 billion to ₦69.65 billion, a ₦24.10 billion increase or 52.9% growth.
This growth highlights growing investor appetite for diversified investment products, including gold-backed and index-tracking ETFs, as well as Shariah-compliant options.
Segment Breakdown at a Glance
- Equities Market Cap: ₦166.13 trillion (+67.2%)
- Fixed Income/Bonds: ₦51.55 trillion (+0.15%)
- ETFs: ₦69.65 billion (+52.9%)
Equities clearly dominate the surge, while ETFs show a rising trend in diversified investments.
NGX Market Structure Supports Growth
The Nigerian Exchange operates a multi-layered market structure catering to various investment instruments.
- Equities Market: Facilitates trading of shares and supports capital raising.
- Debt Market: Provides platforms for federal, state, and corporate bonds.
- ETFs Market: Offers diversified investment products with lower entry costs.
- Derivatives Market: Allows futures and options trading to hedge risks.
Together, these segments demonstrate NGX’s gradual evolution into a more sophisticated and resilient capital market.
2025 vs 2026: Market Acceleration
By December 24, 2025, total market capitalisation stood at ₦149.88 trillion, with equities contributing ₦97.89 trillion, bonds ₦51.55 trillion, and ETFs ₦43.2 billion.
Within just two weeks of 2026, the market added ₦66.851 trillion, closing at ₦217.749 trillion, highlighting strong local investor participation as a key growth driver.
Outlook for the Year
If current trends persist, NGX is projected to approach ₦300 trillion in total market valuation by the end of 2026.
Market analysts say continued reforms, improved corporate governance, and rising investor confidence are likely to sustain growth in equities and ETFs, even as bond activity remains stable.
The Nigerian capital market is positioned to strengthen its regional leadership, attracting both domestic and international investments in the months ahead.
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