The Nigerian Exchange Limited has recorded growth in the 2020s, breaking away from the challenges of the 2015–2019 period. The NGX All-Share Index has surged by 283.45 per cent since 2020, rising from 26,842.07 points at the end of 2019 to 102,926.40 points as of December 2024.
In 2024 alone, the ASI posted an annual growth of 37.65 per cent, driven by investors seeking higher returns from equities amid negative yields in fixed-income markets. Key drivers of the market’s performance include naira depreciation, macroeconomic reforms, and strategic new listings.
The market capitalisation expanded from N12.79tn in 2019 to N62.76tn as of December 2024, representing an increase of N49.97tn. This growth was propelled by high-profile listings such as Geregu Power Plc, Transcorp Power Plc, Aradel Holdings, and BUA Foods.
Speaking at the NGX Closing Gong Ceremony to mark the end of the trading year recently, Head of Trading and Products, Abimbola Babalola, representing NGX Chief Executive Officer, Jude Chiemeka, commended key stakeholders, including the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria.
“The year 2024 witnessed significant activity in the secondary market, a testament to the efforts of our trading license holders. Complementary macroeconomic fundamentals were instrumental, and we appreciate the impactful policymaking by the Central Bank of Nigeria and the Federal Ministry of Finance,” Babalola said.
CIS President Oluropo Dada and ASHON Chairman Sam Onukwue, represented by Ify Ejezie, applauded stockbrokers for their role in driving market growth and reiterated their commitment to supporting policies that enhance market development.
However, the market continues to face challenges. A Proshare report for 2025 identified high transaction costs, information asymmetry, monetary tightening, and low trading volumes as hurdles to market liquidity. The report recommended the listing of national assets like the Nigerian National Petroleum Corporation to unlock liquidity and attract investments.
The Group Managing Director/Chief Executive Officer of the Nigerian Exchange Group, Temi Popoola, attributed the market’s resilience to reforms and policy adjustments.
“Nigeria’s capital market has proven itself as a hub of resilience and innovation, consistently offering valuable opportunities for investors. Inflationary pressures have made equities an attractive hedge, while new listings have significantly boosted market activity,” he said.
Popoola expressed optimism that continued reforms, alongside a stable macroeconomic environment, would sustain growth, enhance liquidity, and boost investor confidence in 2025 and beyond.
The PUNCH reported that transactions on the floor of the Nigerian Exchange Limited on Tuesday ended the year on a negative note, with the All-Share Index declining by 0.22 per cent to close at 102,926.40 points from the previous 103,149.35 points.
