Nigeria’s Capital Market Contribution to GDP Hits 33%

Nigeria’s capital market contribution to national output has risen sharply to 33 per cent, with total market capitalisation exceeding N123 trillion, reflecting significant growth in investor participation and asset valuations.

The figures were disclosed by Emomotimi Agama, Director-General of the Securities and Exchange Commission, during remarks to market stakeholders in Lagos.

While describing the expansion as historic, regulators cautioned that liquidity challenges persist. Trading remains concentrated in a limited number of highly capitalised stocks, while high transaction costs continue to affect institutional participation.

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To address the gaps, the commission has inaugurated a working group of market operators tasked with improving settlement efficiency, trading infrastructure, and product diversity. Authorities are also targeting a significant increase in retail investor participation through digital onboarding and fintech partnerships.

Officials noted that a strong capital market must combine scale with depth and efficiency to effectively support economic growth.