Nigeria: NASD Securities Exchange Doubles Market Capitalisation to N2.12 Trillion

The total market capitalisation of securities listed on the NASD Securities Exchange surged by 106% in 2025, reaching N2.12 trillion, as new listings and increased liquidity propelled growth across the alternative trading platform.

Market value on the exchange jumped from N1.029 trillion in 2024, reflecting both fresh company admissions and price appreciation. The NASD Pension Index (NPI) also saw substantial gains, climbing 215% to 3,002.68 points from 954.33 points the previous year.

Listing activity remained a primary growth driver. Notable additions included Infrastructure Credit Guarantee Company Plc (InfraCredit), Paintcom Investment Nigeria Plc, and MRS Plc, alongside Access Bank Plc’s rights issue. Collectively, these transactions contributed approximately N1.121 trillion in new listings during 2025, reinforcing NASD’s position as a hub for alternative capital-raising instruments.

Beyond equities, the exchange experienced strong uptake in alternative funding instruments. Commercial paper listings exceeded N34.32 billion, reflecting increased participation from both issuers and investors. Looking ahead, NASD announced plans for a N5 billion maiden tokenised commercial paper issuance on its digital securities platform, aimed at broadening access to structured financing options and digital asset-based investments.

Managing Director of NASD Securities Exchange, Eguarekhide Longe, attributed the growth to the exchange’s strategic diversification approach:

“Our market diversification strategy has translated into higher listings, growing market capitalisation, and increased activity across equities, fixed-income instruments, and digital securities. 2025 marked a shift from strategy to execution, with measurable results across all platforms.”

Longe added that while activity on the flagship over-the-counter (OTC) market was moderate, stability among established securities and the admission of new companies provided sustained support.

“This performance reinforces NASD’s positioning as Nigeria’s leading alternative securities exchange, offering flexible capital-raising and investment platforms outside traditional exchanges. Looking ahead, we are optimistic about the 2026 macroeconomic outlook, ongoing structural reforms, and gains from the new tax law implementation.”

He concluded that NASD remains committed to collaborating with stakeholders to expand economic opportunities, support entrepreneurship, and drive inclusive growth through innovation, market diversification, and improved access to capital.

The 2025 results underscore NASD’s growing role in Nigeria’s capital markets, particularly as a platform for regulatory-compliant alternative investments, pension-linked securities, and tokenised financial instruments, bridging traditional finance with modern capital market solutions.