H1: Overall Value of Bonds, ETF, Equities on NGX Up N51.6trn

Nigeria's financial markets have experienced a remarkable surge, with the overall market capitalization of listed securities on the Nigerian Exchange Limited (NGX) soaring by N51.6 trillion in the first half of 2026. This significant gain propelled the market's valuation from N149.74 trillion at the close of 2025 to N201.3 trillion by June 30, 2026, marking a substantial 34.45% increase.

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The Nigerian economy since 2025 has witnessed stability in the foreign exchange market, companies recovering from foreign exchange losses, improved liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment.

The robust performance is underpinned by several positive economic developments. Nigeria has witnessed stability in its foreign exchange market, enabling companies to recover from previous foreign exchange losses. Improved liquidity, increased capital inflows, a growing dominance of domestic investors, and rising portfolio investments have further fueled market confidence. Crucially, the Central Bank of Nigeria's (CBN) banking sector recapitalization and ongoing insurance sector reforms have played a pivotal role in driving this overall market capitalization growth.

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Also, the Central Bank of Nigeria (CBN) banking sector recapitalisation and insurance sector reforms have played a critical role in overall market capitalisation growth.

Within the N201.3 trillion market capitalization as of June 2026, the equities market stands out as the primary driver, accounting for approximately 73% or N146.8 trillion. Debt instruments followed, contributing 27.03% to reach N54.4 trillion, while the Exchange Traded Funds (ETF) segment represented a smaller portion at 0.03%, totaling N58.3 billion.

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The equities market section continues to dominate transactions on NGX amid foreign investors taking advantage of the foreign exchange reforms by the CBN and the National Pension Commission (PenCom) recent upward revision to the permitted allocation to ordinary shares for RSA Funds I, II, III and VI-active.

Analysts note that the equities market's growth, from N99.18 trillion in 2025 to N146.86 trillion by mid-2026 (a 48.6% year-to-date increase), has been bolstered by foreign investors capitalizing on CBN's foreign exchange reforms. The National Pension Commission's (PenCom) upward revision of allocation limits for ordinary shares in pension funds has also attracted significant investment. Furthermore, heightened local investor confidence, driven by impressive corporate earnings from major companies like MTN Nigeria Communications Plc and Nigerian Breweries Plc, has contributed to the market's upward trajectory. To sustain this momentum, market analysts urge stakeholders to maintain stable and credible economic policies.

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For the capital market to sustain its growth momentum, capital market analysts tasked stakeholders to continue stable and credible economic policies.