Lagos, Jan. 8, 2026 (NAN) Nigeria’s stock market ranks third-highest in Africa by the number of listed companies, according to the Organisation of Economic Co-operation and Development (OECD).
The OECD Africa Markets Report 2025 shows that the Nigerian Exchange Ltd. (NGX) has 156 listed companies, trailing behind Egypt’s Stock Exchange with 245 listings and South Africa’s Johannesburg Stock Exchange with 204 listings and a market capitalisation of about $33 billion.
“South Africa has the most developed public equity market, accounting for 60 per cent of the region’s market capitalisation. Its market capitalisation to GDP ratio (84 per cent) is not only significantly higher than that of other African countries but also exceeds the EM average of 61 per cent,” the OECD noted.
The report highlights that Morocco, Egypt, and Nigeria together account for 15 per cent of Africa’s market capitalisation, representing almost half of all listed companies on the continent.
Other countries in the top 10 African markets include Mauritius (94 listings), Tunisia (79), Kenya (61), Zimbabwe (60), Côte d’Ivoire (45), Ghana (29), and Botswana (23). In contrast, stock exchanges in Tanzania, Ghana, Botswana, Uganda, Zambia, and Namibia remain small, each with 12 to 29 listed companies, and modest market capitalisation relative to GDP.
Commenting on the ranking, Temi Popoola, Group Managing Director of Nigerian Exchange Group, said the milestone reflected NGX’s growing depth, resilience, and capacity to respond to improving macroeconomic conditions and structural reforms.
“We intend to sustain this momentum by deepening market infrastructure, leveraging partnerships, and using technology to position Nigeria’s capital market as a leading investment destination in Africa,” Popoola said.
Ifeoluwa Okonkwo ✔
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