Nigeria has emerged as Africa’s second-largest stock market in 2026, overtaking Morocco after almost a two-year rally that has transformed the Nigerian Exchange Limited (NGX) into one of the continent’s best-performing bourses.
Data compiled by Afridigest, a pan-African strategic intelligence platform, from real-time trading platform African Markets showed that the NGX was valued at $117 billion as of May 15, 2026, ranking behind only South Africa’s Johannesburg Stock Exchange (JSE), which remains the continent’s largest bourse with a market capitalisation of $1.5 trillion.
The latest ranking marks an improvement from 2025 when Nigeria was Africa’s third-largest stock market.
According to Daba Finance, a unified investment platform, the NGX was valued at $68.8 billion in 2025, supported by Nigeria’s reclassification to Frontier Market status by global index providers, increased foreign portfolio inflows, banking sector recapitalisation efforts, and strong corporate earnings across key sectors.
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