According to the OECD Africa Markets Report 2025, Nigeria’s stock market is now the third-highest in Africa by the number of listed companies. This ranking highlights the growing depth of the Nigerian Exchange (NGX), which currently hosts 156 listed firms, positioning it as a key pillar of the continent’s financial architecture.
The Continental Leaderboard
The OECD report places Nigeria in an elite group of African exchanges that dominate the region’s equity landscape. Together with Egypt and South Africa, Nigeria represents nearly half of all listed companies on the continent.
| Rank | Country | Stock Exchange | Listed Companies | Approx. Market Cap |
| 1 | Egypt | Egyptian Stock Exchange | 245 | ~$45 Billion |
| 2 | South Africa | Johannesburg Stock Exchange (JSE) | 204 | ~$336 Billion |
| 3 | Nigeria | Nigerian Exchange (NGX) | 156 | ~$33 Billion* |
| 4 | Mauritius | Stock Exchange of Mauritius | 94 | ~$9 Billion |
| 5 | Tunisia | Bourse de Tunis | 79 | ~$8 Billion |
*Note: While the OECD report cites a $33 billion capitalization, recent 2026 data shows the NGX has surged significantly past this mark in local currency terms.
The ₦100 Trillion Milestone (January 2026)
While the OECD ranking focuses on the number of listings, the start of 2026 brought a separate, historic achievement for the NGX. On January 5, 2026, the market capitalization of the Nigerian Exchange crossed the ₦100 trillion threshold for the first time, closing at ₦101.8 trillion.
Key Drivers of the 2026 Rally:
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The “January Effect”: A traditional early-year surge driven by portfolio rebalancing and fresh capital inflows.
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Recapitalization Exercise: Increased activity in the banking sector as firms move to meet new regulatory capital requirements.
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Policy Reforms: Renewed investor confidence following structural reforms and the implementation of new tax laws aimed at fostering growth.
Strategic Outlook: Beyond the Numbers
Temi Popoola, Group Managing Director of the NGX Group, noted that this milestone is a “defining moment” that reflects the market’s resilience. To sustain this momentum, the Exchange is focusing on:
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Deepening Infrastructure: Leveraging technology to make the market more accessible to retail investors.
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Listing Diverse Assets: Encouraging more technology-driven businesses and “blue-chip” industrials to list.
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Regional Integration: Strengthening partnerships to position Nigeria as the primary destination for long-term “patient capital” in Africa.
Comparison with South Africa
Despite Nigeria’s high number of listings, the OECD points out that South Africa remains the region’s heavyweight in terms of value. The JSE accounts for 60% of Africa’s total market capitalization, with a market-cap-to-GDP ratio of 84%—outperforming many global emerging markets. Nigeria’s current strategy focuses on closing this “value gap” by increasing the median size and profitability of its listed firms.
