The federal government and 10 banks have listed new securities worth N1.175 trillion on the Nigerian Exchange (NGX) so far in 2026, driving growth in the capital market.
This surge in new listings is part of a broader trend of increased capital market activity, with the NGX market capitalisation surpassing N100 trillion in January 2026 and rising to over N125.164 trillion as of February 20, 2026.
Analysts attributed the strong performance of the Nigerian capital market to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, and capital inflow.
The X-compliance report of the NGX showed that as of February 20, 2026, Dangote Cement listed a total of N119.874 billion in commercial paper on the NGX; FGN Roads Sukuk Company also listed N300 billion in Ijarah Sukuk; and the Lagos State Government listed N230 billion in a fixed-rate bond and N14.815 billion in a green bond.
The federal government had two listings worth N4.18 billion in January 2026, while United Bank for Africa (UBA) Plc, First HoldCo Plc and Guaranty Trust Holding Company (GTCO) Plc listed new issues valued at N251.6 billion in the period under review.
Also, Presco listed N236.7 billion in shares arising from its rights issue, while LFZC Funding SPV Plc listed N16.1 billion in Infrastructure Bonds. Zichis Agro-Allied Industries Plc was admitted on NGX by introduction with shares worth N1.09 billion and Morison Industries Plc listed N400.3 million private placement issues.
Analysts attributed the strong demand for FGN Bonds to attractive yields that offered investors high returns and stressed that the oversubscription levels highlighted confidence in the federal government’s ability to meet its debt obligations.
They also said the capital market has the depth and liquidity to drive the government’s $1 trillion economic agenda. They cited the bullish runs at the primary and secondary markets.
The group managing director, Nigerian Exchange Group (NGX Group), Temi Popoola said the NGX would continue to leverage technology and innovation to support private and public sector financing.
Popoola said, “We are building an Exchange that extends beyond traditional securities trading. By leveraging technology, we are enhancing market accessibility, attracting capital, and creating new investment opportunities. Our goal is to develop a dynamic, inclusive, and globally competitive capital market that supports national and sub-national economic growth.”
Speaking, the vice president of Highcap Securities Limited, David Adnori, stated that the capital market was poised to make pivotal contributions to achieving the government’s $1 trillion economic target.
He called for supportive policies to encourage more companies and governments to utilise the capital market for their financing programmes.
LEADERSHIP
