The number of active retail investors participating in Nigeria’s capital market has risen to 2.7 million from about 200,000 three years ago, Jude Chiemeka, chief executive officer of Nigerian Exchange Limited (NGX), has said.
Chiemeka attributed the growth largely to digital technology, which has made it easier for investors to access the market remotely.
“Today we have an active number of 2.7 million retail investors participating in our market,” he said Friday at BusinessDay’s Top 25 CEOs Awards in Lagos.
The exchange is targeting a further increase in retail participation as part of efforts to deepen Nigeria’s capital market.
Chiemeka said the proposed capital market master plan targets 30 million retail investors by 2030, while NGX believes its digital infrastructure could enable it to add 10 million new retail investors.
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“Based on the new proposed capital market master plan the FICO will be looking at will be to include 30 million retail investors to participate in our market by 2030 and that’s a very strong number but we believe that given the robustness of the technology we have built, the commitment and the governance structure around our markets we should be able to deliver 10 million new rated investors for this standard offering,” he said.
He cited the recent banking recapitalisation exercise as an example of how digital platforms have simplified market participation, allowing investors to subscribe to offers and make payments remotely.
Chiemeka said NGX’s technology infrastructure would support wider participation in upcoming capital-market offerings as the exchange moves further away from paper-based transactions.
The growth in retail participation comes as the equities market continues to rally.
Chiemeka said the NGX All-Share Index crossed 200,000 points in March, while market capitalisation rose above N57 trillion. The index was up 56 percent in 2026 at the time of his remarks.
He said stronger institutions, technology and corporate governance were critical to sustaining investor confidence and attracting capital.
NGX is also seeking to broaden the investment options available to investors.
The exchange now has more than 317 listed securities across equities and fixed income, including Federal Government and corporate bonds, while commercial paper has recently been added to the securities traded on the exchange.
Chiemeka said the objective was not simply to increase the number of investors but to ensure that capital mobilised through the market was channelled into productive sectors such as manufacturing, infrastructure, technology, housing, energy and healthcare.
“Capital follows confidence,” he said, arguing that investors commit funds when they believe rules are clear, information is credible and institutions are dependable.
He said NGX would continue to invest in technology and market infrastructure to make participation easier, while calling for consistent policies and stronger disclosure and governance standards.
The push for wider retail participation comes against improving conditions in Nigeria’s financial markets.
Frank Aigbogun, publisher BusinessDay Media Limited said ongoing economic reforms were beginning to produce results, citing greater stability in the naira, stronger economic growth and slowing inflation.
He also pointed to the prospect of Nigeria’s recertification on the FTSE Russell Frontier Market index as a potential boost for the capital market, as well as growing investor interest in the planned Dangote Refinery initial public offering.
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Aigbogun said BusinessDay would convene 40 CEOs in December to discuss economic scenarios following the 2027 elections and help businesses prepare for different possible outcomes.
