The Chairman of Nigerian Change (NGX) Group Plc, Dr. Umaru Kwairanga, has set an bold agenda for the Nigerian capital market in 2026, emphasizing stronger competitiveness, deeper liquidity, and enhanced worldwide alignment as core priorities.
In an in depth overview titled “2025 Capital Market Evaluation and a Ahead-Trying Agenda for 2026,” he outlined strategic pillars anticipated to information buyers, regulators and operators into the brand new yr.
He highlighted complete market capitalization at N149.88 trillion comprising equities, bonds and Change Traded Merchandise (ETPs) as of December 24.
Kwairanga recognized regulatory and coverage reforms, the continued recapitalisation realignment within the monetary sector, and elevated participation throughout investor lessons as three key drivers of market’s historic efficiency.
What the NGX Chairman is saying
The NGX Group Chairman is saying that sustaining the positive factors of 2025 would require long-term investing self-discipline, coverage harmonisation, clear governance practices and technology-led market entry.
He confused the significance of coherent tax and FX insurance policies, improved regulatory readability, deeper investor schooling, and enhanced infrastructure to strengthen Nigeria’s capital market resilience and world attractiveness.
Kwairanga’s 2026 agenda is anchored on three interlocking fronts — buyers and issuers, regulators, and market operators — every anticipated to drive reforms that help stability and depth.
Agenda setting for 2026: Priorities for Stakeholders, Regulators and Operators
1. For Traders and Issuers
The NGX Chairman urged market contributors to undertake long-horizon, diversified funding methods able to strengthening capital stability. He highlighted the rising significance of know-how in investor engagement and known as for stronger adherence to environmental, social and governance (ESG) ideas, which he stated are actually central to attracting world capital.
2. For Regulators (SEC, CBN and Policymakers)
He emphasised the urgency of harmonising tax, FX and cross-border repatriation guidelines to minimise volatility, significantly for overseas buyers. Clearer insurance policies on capital positive factors tax, settlement effectivity, disclosure requirements and product innovation — together with derivatives and exchange-traded merchandise — will probably be very important, he stated, in sustaining investor confidence.
3. For Market Operators (NGX and Intermediaries)
Kwairanga known as for accelerated funding in market infrastructure, know-how platforms, cross-border connectivity and steady investor schooling. Market integrity, transparency and powerful enforcement mechanisms, he added, stay elementary to deepening native and worldwide belief.
2025 Market Efficiency:
Kwairanga famous that Nigeria’s capital market delivered a commendable efficiency in 2025 regardless of macroeconomic headwinds, FX uncertainties and world volatility. With sturdy reforms, strong company actions and expanded investor participation, the market ended the yr at a historic excessive.
Complete market capitalization soared to about N149.88 trillion as of December 24, 2025. Equities accounted for N98.89 trillion (about 65.31% of complete market cap), pushed by sturdy earnings, sectoral resilience throughout banking, shopper items, industrials and telecoms, and sustained investor urge for food for basically sturdy firms.
The NGX All-Share Index surged by about 49.17% by 24 December 2025 to shut at 153,539.8 factors, a efficiency that locations the NGX amongst Africa’s top-performing exchanges.
Home buyers dominated exercise at roughly 79–80% of transaction worth, whereas overseas buyers accounted for 20–21%, reflecting rising offshore curiosity albeit constrained by FX dynamics and coverage ambiguity.
The first market additionally strengthened because the change recorded a wave of latest listings and fairness issuances with complete capital raised rising to an estimated N6.34 trillion — boosted considerably by bank recapitalization programmes.
Overseas participation restoration with gaps
Overseas portfolio funding improved year-on-year, with a number of durations displaying double-digit will increase in offshore flows. But, participation stays low relative to home exercise, averaging round 20–21% in current months. Persistent FX instability and uncertainties round capital positive factors tax proceed to weigh on overseas investor choices.
Kwairanga, nonetheless, famous that the uptick in complete overseas inflows alerts a renewed world curiosity in Nigerian belongings, however sustained progress will rely upon predictable insurance policies and a extra secure macroeconomic setting.
In accordance with him, the important thing drivers behind the 2025 upswing embody:
- Reforms geared toward FX unification and transparency
- Stronger company actions and recapitalisation within the monetary sector
- Elevated retail and institutional participation supported by digital channels and wholesome dividend payouts
- Improved governance frameworks and sectoral efficiency throughout the market
What you have to know
Nigeria’s capital market is closing 2025 on sturdy positive factors, with complete market capitalisation surging to N149.88 trillion as of December 24—successfully pushing the market to the brink of the N150 trillion milestone for the primary time in its historical past.
The growth displays broad-based progress throughout equities, bonds, and Change Traded Merchandise (ETPs), underpinned by sustained reforms and rising investor exercise.
Information from the Nigerian Change (NGX) exhibits that equities contributed N97.89 trillion, accounting for 65.31% of complete market worth. The bond market added N51.55 trillion, whereas ETPs, although nonetheless a comparatively small section, recorded N43.20 billion in worth.
The equities market, particularly, maintained a bullish run all year long. The NGX All-Share Index (ASI) posted a 49.17% acquire to shut at 153,539.8 factors as of December 24, rating the NGX amongst Africa’s best-performing exchanges in 2025. Turnover additionally greater than doubled year-on-year, pushed largely by home buyers in search of larger returns amid tight financial situations.
The NGX Group Chairman believes the positive factors made in 2025 present a robust basis for even higher progress in 2026. Delivering on this potential would require tighter coverage alignment, infrastructure upgrades, sustained investor schooling and an unwavering dedication to market integrity. With coordinated effort amongst regulators, buyers and operators, Nigeria’s capital market is poised to develop into deeper, extra inclusive and globally aggressive within the years forward.
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