The Nigerian Exchange Group (NGX Group) has projected that the total market value of companies listed on the Nigerian Exchange will rise to N230 trillion by the end of 2026.

The Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, disclosed the projection during a meeting with President Bola Ahmed Tinubu at the State House in Abuja.

Popoola attributed the expected growth to anticipated major listings and sustained investor interest in Nigeria’s capital market.

He said the value of companies listed on the exchange had grown significantly from less than N30 trillion when President Tinubu assumed office in May 2023 to about N160 trillion currently.

According to him, the market could gain another N70 trillion by the end of the year if the expected listings are completed.

The projected N230 trillion valuation would represent an increase of about 43.8 per cent from the current level and more than seven times the value recorded in 2023.

One of the major developments expected to drive the growth is the proposed listing of Dangote Petroleum Refinery & Petrochemicals, which is targeting a $5 billion initial public offering before October 2026.

The refinery recently completed a $2.5 billion private placement, described as one of the largest corporate fundraising exercises by an African company.

If completed as planned, the refinery’s listing could become one of the largest stock market debuts in Africa and significantly increase the NGX’s market capitalisation and liquidity while potentially attracting more foreign investment.

President Tinubu also indicated during the meeting that his administration’s economic reform agenda could eventually involve the listing of shares in the Nigerian National Petroleum Company Limited on the Nigerian Exchange.

Such a move would make NNPC a publicly traded company and potentially broaden public participation in the ownership of the state-owned energy giant.

Tinubu reaffirmed his administration’s intention to use the capital market as a tool for mobilising investment, expanding public ownership and supporting economic growth.

The NGX projection comes amid sustained gains in Nigeria’s equities market, which crossed the N100 trillion mark earlier in the year.

Data from Nairametrics showed that the market gained about N237.8 billion during the trading week ended August 7, taking total market capitalisation to N158.51 trillion from N158.28 trillion.

The market’s year-to-date return also rose to 57.81 per cent, reflecting continued investor appetite for Nigerian equities.

The recent rally has been supported by gains across equities and exchange-traded funds, further strengthening the performance of the Nigerian market.

With major listings expected before the end of the year, NGX Group believes the capital market is positioned for further expansion and a potential record valuation in 2026.