Reforms in the Nigerian capital market have continued to boost investor confidence, driving assets under management (AUM) from N3.2 trillion to N10 trillion within two years, representing a 212.5 per cent increase. This was disclosed by the Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, during a ceremony in Lagos marking Nigeria's migration to the T+1 settlement cycle on Monday.
Agama noted that the market has recorded significant growth in recent months, including an unprecedented rise in market capitalisation, increased investor participation, and higher transaction volumes. He also announced that the commission would unveil the Nigerian Capital Market Master Plan 2.0 between June and July, describing it as a key roadmap for sustaining the market's expansion and competitiveness.
According to Agama, the growth in AUM from N3.2 trillion to N10 trillion reflects increasing confidence from both local and foreign investors. He highlighted that February 2026 alone witnessed the largest single-month increase in market capitalisation in the history of the Nigerian stock market, expanding by N17.6 trillion.
“In February 2026 alone, market capitalisation expanded by N17.6 trillion, representing the highest monthly gain ever recorded in the history of our market,” Agama said.
The SEC boss revealed that domestic and foreign portfolio investments on the Nigerian Exchange rose to N1.803 trillion in April 2026, a 3.35 per cent increase from the previous month and a 274.05 per cent surge compared to N482 billion recorded in April 2025. He added that total transactions for the first four months of 2026 reached N5.952 trillion, more than double the N2.714 trillion recorded during the same period in 2025.
Agama described the performance as unprecedented and a clear indication of the growing strength and resilience of the Nigerian capital market. He noted that the market's contribution to the nation's economy has improved significantly, with its share of gross domestic product (GDP) rising from 13 per cent in April 2024 to 33 per cent in 2025.
According to him, market capitalisation has increased by about 125 per cent over the period, growing from approximately N55 trillion in April 2024 to over N123.93 trillion by February 2026. Despite the impressive growth, Agama stressed that the market still has significant room for expansion, particularly in terms of liquidity, depth, and broader investor participation.
