Nigerian Exchange grows as leaders target $1 trillion economy

The Nigerian Exchange (NGX) has shown significant growth and renewed activity, driven by strong performance in the banking and financial services sectors. The NGX All-Share Index recently rose to approximately 245,573 points, contributing to a market capitalization of roughly ₦158.51 trillion. While trading volumes have increased, recent weekly data showed a sharp decrease in total transaction value compared to previous highs.

In a strategic meeting with President Bola Tinubu, the NGX Group outlined a roadmap to utilize the capital market to support Nigeria's goal of becoming a $1 trillion economy. President Tinubu expressed support for increasing private-sector investment to drive national growth.

Key proposals from NGX leadership include the public listing of major strategic assets to deepen market liquidity and wealth creation. Specifically, there are calls to list stakes in the Nigerian National Petroleum Company (NNPC) Limited, Nigeria LNG Limited (NLNG), and Indorama Eleme Petrochemicals Limited. The potential listing of NNPC is viewed as a major opportunity to attract both domestic and international investors while improving corporate governance.