NGX Records N6.95tn New Listings as Investors Flock to Bonds

Federal Government securities dominated activities on the Nigerian Exchange Limited (NGX) in the first five months of 2026 as new listings on the bourse climbed to N6.95 trillion amid rising investor participation and increased capital raising by both government and private institutions.

According to NGX compliance reports, Federal Government Bonds and Sukuk accounted for N4.84 trillion of the total listings during the period, representing nearly 70 per cent of all new listings on the exchange.

Corporate listings contributed N1.87 trillion, while Lagos State government bonds added about N244.8 billion to the market within the same period. The figures highlight the increasing reliance on the capital market by both governments and corporate institutions to raise funds for infrastructure development, expansion projects and regulatory compliance.

Among the most active institutions were major Nigerian banks including Fidelity Bank, United Bank for Africa, FCMB Group, First HoldCo, Access Holdings and Guaranty Trust Holding Company, which collectively accounted for over N731 billion in fresh listings.

The capital raising activities by banks were largely driven by the Central Bank of Nigeria’s recapitalisation directive requiring financial institutions to strengthen their capital base.

GTCO listed 10 billion shares following a successful private placement, while UBA and First HoldCo also recorded major rights issue and private placement listings.

Other notable listings included Presco Plc’s rights issue valued at over N236 billion and infrastructure bond issuances by LFZC Funding SPV Plc.

Analysts attributed the dominance of Federal Government securities to attractive yields and sustained investor confidence in the government’s ability to meet debt obligations despite economic pressures.

They also noted that increasing liquidity, exchange rate stability and reforms in the banking and insurance sectors contributed significantly to the bullish performance of the Nigerian capital market.

Vice President of Highcap Securities Limited, David Adnori, said the Nigerian capital market possesses the depth and liquidity required to support the Federal Government’s ambition of growing the economy to one trillion dollars.

He stressed the need for more supportive policies capable of encouraging both public and private institutions to utilise the capital market as a major financing channel.

Market analysts also linked the strong performance of the exchange to growing domestic investor participation, improving corporate earnings and renewed confidence in Nigeria’s financial system.