NGX market value to hit N230 trillion by end 2026, Popoola tells Tinubu
By Aboki Forex —
Temi Popoola, Group Managing Director and CEO of NGX Group, has projected that the value of companies listed on the Nigerian Exchange will rise to N230 trillion by the end of 2026. He spoke during a meeting with President Bola Ahmed Tinubu at the State House in Abuja.
Popoola said the total value of listed companies has climbed from about N30 trillion when Tinubu assumed office in May 2023 to approximately N160 trillion today. The projected N230 trillion implies a further gain of about 43.8% from current levels and more than a sevenfold rise from the 2023 figure.
What Popoola told the President
“When you took over office in May 2023, the total value of the companies that were listed in Nigeria was just shy of N30 trillion,” Popoola said.
“Today, Mr. President, that figure is N160 trillion and by the end of this year, with the listings that we expect in our market, we expect that figure to be N230 trillion.”
He attributed the growth to increasing investor confidence and the attractiveness of Nigeria’s capital market.
Dangote refinery IPO and NNPC listing
A key driver of the forecast is the planned listing of Dangote Petroleum Refinery & Petrochemicals, which is targeting a $5 billion initial public offering expected to be completed by October 2026. The refinery recently completed a $2.5 billion private placement, one of the largest corporate fundraising exercises by an African company.
The listing could become the largest stock market debut in Africa’s history, boosting the exchange’s market capitalisation, liquidity and appeal to foreign investors.
During the meeting, President Tinubu also hinted that his administration’s economic reforms would eventually include listing shares of the Nigerian National Petroleum Company (NNPC) Limited on the NGX. He said the government remains committed to using the capital market to mobilise investment, broaden public ownership and accelerate national economic development.
Market rally and outlook
The projection comes as the domestic equities market continues to post strong gains. The market crossed the N100 trillion mark earlier in the year.
According to Nairametrics data, the stock market added about N237.8 billion in value during the trading week ended August 7, 2026, lifting market capitalisation to N158.51 trillion from N158.28 trillion. The year-to-date return improved to 57.81%, reflecting sustained investor appetite for equities.
The rally was supported by price appreciation across equities and exchange-traded funds, keeping Nigeria among the best-performing exchanges globally this year. With high-profile listings expected before year-end, NGX believes the market remains on track to achieve a record valuation and deepen its role in financing economic growth.