LAGOS, Feb 23 – Nigeria’s capital market has significantly strengthened its role in the national economy, with total market capitalisation rising to more than N123.93 trillion ($92.5 Billion) and its contribution to Gross Domestic Product increasing to 33%, according to the Securities and Exchange Commission (SEC).
SEC Director-General, Dr. Emomotimi Agama, revealed the figures during his inaugural address to members of the Capital Market Working Group on Market Liquidity in Lagos on Sunday. He noted that the market’s total value has more than doubled since April 2024, when it stood at approximately N55 trillion, representing a growth of about 125%.
Agama described the expansion as a major milestone, reflecting rising investor participation and growing confidence in Nigeria’s financial markets. He added that the capital market’s share of GDP has increased sharply from 13% to 33% over the same period, underscoring its expanding influence on economic activity.
Despite the strong performance, he cautioned that sustaining long-term growth will depend on improving market liquidity and strengthening trading efficiency. According to him, market size alone is not sufficient to ensure stability or resilience.
He emphasized that liquidity plays a central role in ensuring the market fulfills its core function of capital formation. A more liquid market enables efficient pricing, supports investment flows, and enhances investor confidence.
Agama also highlighted the broader economic role of the capital market, noting that it serves as a key engine for national development by mobilizing funds for infrastructure, industrial expansion, and job creation.
The rapid increase in market capitalisation signals strengthening financial market depth and positions Nigeria’s capital market as an increasingly important pillar supporting economic growth and long-term development.
