Figures cited by BusinessDay show that the Nigerian Exchange Limited (NGX) has officially breached the N130 trillion market capitalisation milestone. This unprecedented growth in the equity market reflects a massive influx of domestic and foreign institutional investment. Analysts point to the recent signal from Zenith Bank regarding its London listing as a major catalyst for the current bullish run, alongside the general optimism surrounding the government’s trade and port modernization policies.
The milestone underscores a shift in the Nigerian financial landscape where the “unicorn chase” of tech startups is being replaced by a focus on sustainable profitability in traditional banking and industrial sectors. Despite the broader cost-of-living crisis, the stock market remains a bright spot for investors seeking to hedge against inflation. The NGX’s performance is currently ranked among the top emerging markets globally for the first quarter of 2026.
The Nation corroborated the market’s upward trajectory, reporting that “Zenith Bank shares rose the most in a month after its London listing signal,” which helped pull the broader index upward. Vanguard also highlighted the market’s strength, noting that the “equity boom pushes market value beyond N130trn” despite fluctuating daily oil production figures.
Echotitbits take: While the N130 trillion mark is a staggering achievement for the NGX, it highlights a growing disconnect between the booming financial markets and the struggles of the real economy. For the growth to be inclusive, there needs to be a stronger link between market gains and job creation in the manufacturing sector.
Source: The Cable – https://www.thecable.ng/ngx-all-share-index-hits-all-time-high-as-market-cap-rises-to-n129trn/, March 18, 2026
Photo credit: The Cable
