The Nigerian Stock Exchange (NGX) continues to play a vital role in facilitating fundraising for businesses and governments, despite the lack of new IPOs.
In 2024, NGX reported a substantial trading volume of ₦12.17 trillion ($7.85 billion) from corporate listings and FGN bonds, with corporate listings contributing ₦6.2 trillion ($4 billion) and FGN bonds ₦5.95 trillion ($3.84 billion).
Companies like Transcorp Power and VFD Group made significant contributions through listings, showcasing the trend of companies turning to the capital market for fundraising. On the other hand, FGN bonds remained attractive to investors, particularly Pension Fund Administrators seeking stable investments.
Notable listings in 2024 included Transcorp Power, Aradel, and Haldane McCall, with the NGX witnessing increased activity despite the absence of new IPOs.
The NGX experienced a surge in trading volume, reaching ₦3.968 trillion ($2.55 billion) in 2024, driven by banks raising capital in response to regulatory directives. The market also saw active bond listings by the Debt Management Office (DMO).
The increased deal flow and investments in other exchanges demonstrate growing confidence in the NGX. Additionally, the upcoming IPO of Tizeti on the exchange signals a positive outlook for future listings.