Business & Markets · Stock market capitalisation · Nigeria
Nigeria’s stock market capitalisation rose to 29.9% of GDP in 2025.
29.9% of GDP
2025
Up 8.3 pp from 2024.
Updated 8 Oct 2026
In plain words
29.9% of GDP
What it is. Stock market capitalisation adds up the market value of all domestic companies listed on a country's exchange and divides it by GDP. The ratio shows how large the equity market is relative to the economy. It counts only listed firms, so private companies and informal businesses sit outside it. Because it depends on share prices, it can rise or fall with market sentiment even when the economy has barely moved.
Higher is better. A higher ratio is good because it means more of the economy's business value can be financed and traded through public equity, giving firms a wider route to raise capital and savers a way to own a share of them. Nigeria's latest figure is 29.9% of GDP for 2025, up from 21.6% of GDP a year earlier, a rise of 8.3 percentage points. Since 2016 the range runs from a low of 6.6% of GDP in 2019 to a high of 29.9% of GDP in 2025. The latest reading therefore sits at the top of its own range for the period.
Why it matters. A listed market worth about 30% of GDP gives Nigerian companies more room to raise money by issuing shares instead of relying only on bank loans. Households that hold shares directly or through pension and investment funds see the benefit when valuations rise. Because the ratio moves with share prices, the 2025 level can shift quickly if market sentiment turns.
| Period | Stock market capitalisation · Nigeria |
|---|---|
| 2016 | 7.4% of GDP |
| 2017 | 9.9% of GDP |
| 2018 | 7.5% of GDP |
| 2019 | 6.6% of GDP |
| 2020 | 9.2% of GDP |
| 2021 | 8.9% of GDP |
| 2022 | 9.6% of GDP |
| 2023 | 9.5% of GDP |
| 2024 | 21.6% of GDP |
| 2025 | 29.9% of GDP |
Source: World Bank, World Development Indicators (CC BY 4.0) · Licence: CC BY 4.0
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Strata-AF™ Data, Stock market capitalisation, Nigeria, 2025; source World Bank, World Development Indicators (CC BY 4.0), retrieved 8 Oct 2026; https://data.strata-af.com/business/stock-market-capitalisation/nigeria
Data insights · Worked out from the published figures
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Working this out from the published figures…
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Methodology
Market capitalisation of listed domestic companies as a share of GDP. Unit: % of GDP.
Source: World Bank, World Development Indicators (series CM.MKT.LCAP.GD.ZS), retrieved through the World Bank API and published under CC BY 4.0. Updated annually; the World Bank's own source notes apply.