The Organisation for Economic Co-operation and Development (OECD) has ranked Nigeria’s stock market as the third-largest in Africa by the number of listed companies.
According to the OECD Africa Markets Report 2025, the Nigerian Exchange Ltd. (NGX) hosts 156 listed companies, trailing Egypt’s Stock Exchange with 245 listings and South Africa’s Johannesburg Stock Exchange, which has 204 listed firms and a market capitalisation of approximately $33 billion.
The OECD noted that South Africa operates the continent’s most advanced public equity market, accounting for about 60 per cent of Africa’s total market capitalisation.
It added that South Africa’s market capitalisation-to-GDP ratio of 84 per cent significantly exceeds those of other African countries and is also higher than the 61 per cent average recorded across emerging markets.
“At the national level, only a handful of markets stand out in terms of scale and activity,” the report stated.
The OECD also observed that South Africa’s listed companies are larger on average than those in emerging markets and globally, with a median market capitalisation of $195 million.
Morocco, Egypt and Nigeria were identified as having relatively sizeable markets, collectively accounting for 15 per cent of Africa’s total market capitalisation.
The report added that these three countries together host nearly half of all listed companies on the continent.
Other markets in Africa’s top 10 include Mauritius with 94 listed companies, Tunisia with 79, Kenya with 61, Zimbabwe with 60, Côte d’Ivoire with 45, Ghana with 29 and Botswana with 23.
In contrast, stock exchanges in Tanzania, Ghana, Botswana, Uganda, Zambia and Namibia were described as relatively small, each listing between 12 and 29 companies.
The OECD noted that market capitalisation in these countries remains limited, representing between five per cent and 20 per cent of their respective GDPs.
Commenting on the report, the Group Managing Director of Nigerian Exchange Group, Temi Popoola, said the ranking underscores the market’s increasing depth, resilience and ability to respond positively to improving macroeconomic conditions and structural reforms.
Popoola added that the group plans to sustain the momentum by strengthening market infrastructure and leveraging partnerships and technology to position Nigeria’s capital market as a leading destination for long-term investment in Africa.