NGX targets N300trn market cap, pushes for more listings

NGX trading floor. Photo: NGX

The Nigerian Exchange Group is targeting a market capitalisation of N300 trillion and pushing for more government-linked companies to list on the exchange as the capital market seeks a larger role in driving Nigeria toward a $1 trillion economy.

Speaking at the 30th anniversary and annual awards dinner of the Association of Issuing Houses of Nigeria in Lagos, Chairman of NGX Group, Umaru Kwairanga, highlighted the need to attract more retail investors, deepen market participation, and expand investment opportunities. He noted that market capitalisation had risen from below N50 trillion three years ago to more than N160 trillion, reflecting the market’s growth and its capacity to mobilise capital for national development.

“Market capitalisation has risen from below N50 trillion three years ago to over N160 trillion, and we are aiming for N300 trillion,” Kwairanga said.

To achieve this, the exchange has urged President Bola Tinubu’s administration to encourage more state-linked entities, particularly in the energy and technology sectors, to list on the market. Kwairanga also identified the ongoing initial public offering of the Dangote Refinery as a major catalyst for expanding domestic retail participation. The offer targets 10 million investors, a shift that could significantly boost engagement in a market that has recorded fewer than six million investors since Nigeria’s independence.

Furthermore, the NGX chairman revealed that the exchange had raised the prospect of fintech company OPay listing in Nigeria before pursuing an overseas listing, adding that President Tinubu had directed the Governor of the Central Bank of Nigeria to examine the matter while OPay works toward a domestic listing. He noted that technology had already transformed the market from manual processes to digital transactions, emphasizing that continued innovation would be essential to attracting younger investors.

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Reinforcing this outlook, President of AIHN, Kemi Awodein, stated that the association would continue working with regulators, the government, and investors to deepen the market, promote transparency, and encourage innovation. She observed that the market had evolved considerably over the past 30 years, with instruments such as green bonds and book-building becoming integral to its development, serving as a critical channel for mobilising growth capital and creating jobs.

Similarly, Group Deputy Managing Director of Afrinvest, Victor Ndukauba, highlighted the pivotal role investment banking firms have played in shaping Nigeria’s corporate landscape through bank consolidation, mergers and acquisitions, and bond issuances. He cited landmark transactions such as the merger that created the present-day United Bank for Africa, the formation of Stanbic IBTC Bank, GTBank’s international expansion, and Lagos State’s pioneering bond issue as clear evidence of the sector’s impact. Looking ahead, Ndukauba noted that digital platforms will increasingly dominate capital raising, enabling issuers to reach investors efficiently and allowing individuals to participate directly from their homes, as demonstrated by the digital-first approach of the Dangote IPO.

At the event, AIHN recognised several firms for their contributions to theHere is the revised news report formatted in standard news writing style to fit The PUNCH Business and Economy editorial policy—strictly using narrative paragraphs without sub-headers, bullet points, or tables, while retaining the exact quotes provided.