LAGOS — A walk through a modern Nigerian supermarket like Prince Ebeano reveals a striking economic paradox: while the shelves are filled with imported brands funded by Nigerian consumers, the very retail chains and local manufacturers driving that commerce often lack a mainstream pathway for those same consumers to become co-owners.
As Nigeria’s market capitalization surged 125%—from ₦55 trillion in 2024 to ₦123.93 trillion by early 2026—the “top” of the market is thriving. Yet, a structural gap remains for high-growth, cash-flow-positive businesses that sit in the “missing middle.”
The “Missing Middle” Paradox
Nigeria’s economic landscape is currently divided into three tiers, with the middle tier facing the most significant hurdles to scaling:
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The Giants: Dangote-sized conglomerates with easy access to equity and debt markets.
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The Startups: Tech-enabled ideas that attract venture capital but often struggle with long-term “exit” liquidity.
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The Missing Middle (The Ebeano Category): Established, disciplined, cash-generating businesses (retail chains, FMCG manufacturers, healthcare networks) that are too big for microfinance but find the main board requirements of the NGX too rigid or “punitive.”
From “Debt-Servicing Machines” to Growth Champions
Currently, when a successful mid-tier business wants to open ten new branches or invest in a private-label manufacturing plant, the default playbook is a stressful mix of retained earnings and high-interest bank loans. This often turns visionary founders into “permanent debt-servicing machines.”
The Alternative: A High-Vibe Growth Board To solve this, analysts are calling for a “Growth Market” that isn’t a dumping ground for weak companies, but an aspirational launchpad.
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Credible Liquidity: Investors need to believe they can exit. A growth board must ensure that buying shares in a local retail chain is as seamless as buying shares in a global telco.
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Balanced Governance: Replacing “public punishment” (high disclosure costs) with “flexible discipline” that protects investors without suffocating the founder.
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Exit Pathways: Providing a window for Private Equity and Venture Capital to recycle funds back into the Nigerian ecosystem.
The Shift: From Buying to Owning
The 2026 economic shift from “stabilization to acceleration” provides a unique window to lower the cost of long-term capital for the businesses Nigerians actually use every day.
A Metaphor for National Rebirth
Standing in the aisles of imported cereal, the message is clear: Nigeria is full of businesses that could become regional champions. The missing ingredient isn’t just “money”—it’s regulated trust.
By building a bridge between the ₦123 trillion capital market and the “Ebeanos” of the world, Nigeria can ensure that the “upside” of its domestic growth stays in the pockets of the people who power it.
