The Nigerian Exchange Limited (NGX) facilitated over N4.63 trillion in capital raising during the first half of 2025. The capital, raised through both sovereign and corporate instruments, is playing a vital role in funding major infrastructure projects, accelerating business expansion and driving innovation across key sectors.
The impressive momentum reflects the success of transformative initiatives launched in 2024, particularly NGX Invest, a digital platform created to simplify access to public offerings.
Since its rollout, NGX Invest has significantly expanded investor participation in the primary market, becoming a cornerstone of Nigeria’s renewed capital mobilisation efforts.
The initiative has helped to democratise participation in the capital markets, expanding the reach of primary market instruments and playing a pivotal role in the banking sector’s recapitalisation efforts, where it supported the mobilisation of over N2 trillion.
According to the data from the exchange, capital market activity remained robust throughout the first half of the year, with total market capitalisation increasing by 16 per cent, from N112.6 trillion in January to N126.73 trillion by June.
Also, trading in equities drove this rise, gaining from N62.76 trillion to N75.95 trillion. The fixed-income market remained stable at N50.56 trillion, while exchange-traded funds (ETFs) continued to gain popularity, especially among retail investors, reaching a value of N25.79 billion.
This upswing reflects the growing appeal of Nigeria’s capital markets, which are now benefiting from macroeconomic stability, a more transparent regulatory environment and heightened investor confidence.
Spearheading this evolution is the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola. Popoola attributed the improved market performance to closer collaboration with regulators, particularly the Securities and Exchange Commission (SEC). The joint efforts, he explained, have focused 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,” he affirmed.
Sectoral indices underscore the market’s resilience and growing dynamism as the NGX Consumer Goods Index posted an impressive 51.21 per cent gain.
In comparison, the NGX Pension and NGX Banking indices rose by 19.32 per cent and 18.06 per cent respectively, indicating renewed investor confidence in Nigeria’s economic fundamentals.Popoola noted that NGX Group’s ambition extends well beyond domestic borders.
A notable step was its investment in the Ethiopian Securities Exchange (ESX), a strategic move aimed at driving regional capital market integration.
At the same time, active discussions with the Shanghai and Hong Kong Stock Exchanges are underway to explore opportunities for dual listings and improved liquidity frameworks, efforts that could significantly enhance cross-border capital flow and deepen global investor participation.
Vice Chairman of Equity Capital Solution Limited, David Adonri observed that the equities market surged by 16.6 per cent in the first half of the year, with a significant 13.6 per cent of that growth occurring in the second quarter alone. He attributed this to stabilising interest rates and improved foreign exchange dynamics, which have reignited interest among foreign portfolio investors.
