Nigeria’s Capital Market Contribution to GDP Hits 33% as Market Surges Past N123 Trillion
Nigeria’s capital market has recorded a historic surge, with its contribution to the country’s Gross Domestic Product (GDP) climbing to 33%. Total market capitalization more than doubled, rising from about N55 trillion in April 2024 to over N123.93 trillion, representing a 125% increase, according to the Securities and Exchange Commission (SEC).
SEC Director-General, Dr. Emomotimi Agama, shared these figures during his inaugural address to members of the Capital Market Working Group on Market Liquidity in Lagos on February 22, 2026. Agama described the growth as a strong reflection of investor confidence and resilience under the current administration, but he stressed that headline numbers alone do not fully capture the market’s health.
While celebrating the milestone, Agama cautioned that sustaining this momentum will require deeper liquidity and more efficient trading. “A capital market is not gambling; it is the engine of national development. It finances roads, powers factories, and creates jobs,” he said. He emphasized that the market must allow investors to enter and exit positions seamlessly without excessive cost to remain a reliable barometer of economic health.
The SEC has identified structural challenges that could hinder long-term growth. High transaction costs, concentrated trading in a limited number of stocks, and relatively illiquid equities remain issues. To address these, the commission inaugurated a multi-stakeholder Working Group tasked with developing reforms to strengthen liquidity, improve price discovery, and modernize trading infrastructure to meet global standards.
Looking ahead, the SEC aims to expand market access to millions of new retail investors through digital platforms and fintech partnerships, while also fostering product innovation such as derivatives and digital assets under the new Investments and Securities Act (ISA) 2025. These measures form part of a broader agenda to mobilize long-term capital, address Nigeria’s infrastructure gaps, and support the nation’s ambition to build a trillion-dollar economy.
source: nairamerics