SEC says market capitalisation rose by 125% to N123trn in two years

The Securities and Exchange Commission (SEC) says Nigeria’s capital market has recorded a 125 percent growth in market capitalisation since April 2024, rising from about N55 trillion to over N123.93 trillion.

Emomotimi Agama, the director-general of the SEC, announced the development while addressing members of the capital market working group on market liquidity in Lagos.

According to a statement on Sunday, Agama also said the market’s contribution to the nation’s gross domestic product (GDP) increased significantly 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.

“Our contribution to GDP has moved from 13 per cent to 33 per cent. These are impressive figures, but they tell only part of the story.”

He said the record highlights the sector’s growing importance in driving economic development.The SEC DG said the growth indicators reflected solid investor confidence and demonstrated the strength and stability of the Nigerian capital market under the present administration.

However, he said an increase in market size by itself is insufficient without adequate depth and liquidity to support it.

“A capital market is often described as the barometer of an economy’s health. But for that barometer to be accurate, the market must be more than just large—it must be liquid,” Agama said.

He warned that weak liquidity could deter investors concerned about exiting positions without distorting prices.

The SEC chief said boosting liquidity would require product innovation, especially faster development of derivatives and other asset classes to support hedging and deepen activity.

Agama added that the newly enacted Investments and Securities Act (ISA) of 2025 expands the commission’s oversight to digital assets, helping steer speculative interest into regulated investments.

“The capital market is not gambling; it is the engine of national development. It finances roads, powers factories and creates jobs,” he said.

Agama urged the working group to deliver bold, practical proposals to boost liquidity and support the federal government’s goal of building a trillion-dollar economy.

He said although recent gains in market capitalisation and GDP contribution show strong progress, the next reform phase will focus on making the market deeper, more inclusive, and globally competitive — not just larger.

SEC says market capitalisation rose by 125% to N123trn in two years | TheCable