SEC: Nigeria’s market Capitalisation jumps 125% to N123.93trn in two years
Nigeria’s capital market has expanded sharply over the past two years, with market capitalisation climbing by 125 percent to N123.93 trillion, according to the Securities and Exchange Commission (SEC).
The Director-General of the SEC, Emomotimi Agama, disclosed this while addressing members of the Capital Market Working Group on Market Liquidity in Lagos.
Agama said market capitalisation rose from about N55 trillion in April 2024 to over N123.93 trillion, describing the growth as a strong signal of investor confidence and improved market stability.
He also noted a significant rise in the capital market’s contribution to Nigeria’s gross domestic product (GDP), which increased from 13 percent to 33 percent within the same period.
“Since this administration came into being in April 2024, we have seen market capitalisation grow from about N55 trillion to over N123.93 trillion,”
Agama said, adding that while the figures are encouraging, they only reflect part of the broader progress within the sector.
According to him, the expansion underscores the growing role of the capital market in supporting economic development. However, he cautioned that growth in size alone is not enough.
He emphasised that without sufficient depth and liquidity, the market may struggle to sustain long-term investor participation. Weak liquidity, he warned, could discourage investors who may find it difficult to exit positions without affecting asset prices.
Agama stressed the need to strengthen liquidity through product innovation and faster development of derivatives and other asset classes to enhance hedging opportunities and market activity.
He also highlighted the impact of the newly enacted Investments and Securities Act (ISA) 2025, which broadens the SEC’s regulatory oversight to include digital assets. He said the expanded framework would help channel speculative interest into more structured and regulated investment vehicles.
Describing the capital market as a key driver of national development, Agama said it plays a crucial role in financing infrastructure, supporting industrial growth, and generating employment.
He urged members of the working group to propose practical and forward-looking measures aimed at deepening liquidity and aligning the market with the federal government’s ambition of building a trillion-dollar economy.
While celebrating the recent gains, the SEC chief maintained that the next phase of reforms would prioritise building a deeper, more inclusive, and globally competitive market — not merely a larger one.
