Nigeria's market capitalization of listed domestic companies (% of GDP) was 29.9% in 2025, the latest year in the World Bank's World Development Indicators. That is up 19.76 percentage points from 10.14% in 2015.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 29.9% | 2025 |
| Five years earlier | 9.23% | 2020 |
| Ten years earlier | 10.14% | 2015 |
| Highest | 30.51% | 2007 |
| Lowest | 2.5% | 2002 |
| Average since 2016 | 12.01% | 2016–2025 |
| First recorded | 3.78% | 1993 |
What the numbers say
In 2025, Nigeria's market capitalization of listed domestic companies (% of GDP) rose 8.33 percentage points on 2024 (from 21.57% to 29.9%).
Across the 26 yearly changes before that (1994 to 2024), the average change was +0.43 percentage points and a typical year strayed about 5.67 percentage points from that (the standard deviation). This year's change was 1.4 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.
On record, the biggest yearly rise was 16.74 percentage points in 2007 and the biggest yearly fall was 16.35 percentage points in 2008. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2016 to 2025 the straight-line trend is upward, about 1.84 percentage points a year. A straight line explains 54% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2025, Nigeria had the 44th highest value of the 61 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
| Value | Year | |
|---|---|---|
| Nigeria | 29.9% | 2025 |
| World | 148.54% | 2025 |
| Lower middle income | 176.42% | 2025 |
Closest to Nigeria in the 2025 ranking
What this measures
Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values.
Limitations: Data cover measures of size (market capitalization, number of listed domestic companies) and liquidity (value of shares traded as a percentage of gross domestic product, value of shares traded as a percentage of market capitalization). The comparability of such data across countries may be limited by conceptual and statistical weaknesses, such as inaccurate reporting and differences in accounting standards.
Regional and income-group figures are computed by the World Bank as a weighted average.
All 30 values
| Year | Market capitalization of listed domestic companies (% of GDP) |
|---|---|
| 2025 | 29.9 |
| 2024 | 21.57 |
| 2023 | 9.53 |
| 2022 | 9.64 |
| 2021 | 8.9 |
| 2020 | 9.23 |
| 2019 | 6.57 |
| 2018 | 7.47 |
| 2017 | 9.91 |
| 2016 | 7.36 |
| 2015 |
Market capitalization of listed domestic companies (% of GDP) in nearby economies
- Botswana — 21.47% (2025)
- Côte d'Ivoire — 11.63% (2020)
- Ghana — 14.4% (2025)
- Kenya — 16.79% (2025)
- Mauritius — 55.02% (2025)
- Namibia — 18.18% (2024)
- South Africa — 327.24% (2025)
- Tanzania — 10.85% (2025)
- Zambia — 51.62% (2025)
More financial sector data for Nigeria
- Broad money (current LCU) — 126.82 trillion (2025)
- Broad money (% of GDP) — 28.72% (2025)
- Broad money to total reserves ratio — 1.81 (2025)
- Consumer price index (2010 = 100) — 860.32 (2025)
- Inflation, consumer prices (annual % growth) — 23.01% (2025)
- GDP deflator (base year varies by country) — 194.92 (2025)
- DEC alternative conversion factor (LCU per US$) — US$1,518 (2025)
- Official exchange rate (LCU per US$, period average) — US$1,518 (2025)
- Broad money (annual % growth) — 11.87% (2025)
- Inflation, GDP deflator (annual % growth)
Reading data like this
Questions people ask
- What is Nigeria's market capitalization of listed domestic companies (% of GDP)?
- 29.9% in 2025, according to the World Bank (World Development Indicators).
- How has it changed since 1993?
- It is up 26.12 percentage points from 3.78% in 1993. The highest value was 30.51% in 2007 and the lowest 2.5% in 2002.
- How does Nigeria rank?
- 44th highest of 61 economies with data for 2025.
- Is the latest change in market capitalization of listed domestic companies (% of GDP) unusual for Nigeria?
- In 2025, Nigeria's market capitalization of listed domestic companies (% of GDP) rose 8.33 percentage points on 2024 (from 21.57% to 29.9%). Across the 26 yearly changes before that (1994 to 2024), the average change was +0.43 percentage points and a typical year strayed about 5.67 percentage points from that (the standard deviation). This year's change was 1.4 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.
Source
World Bank, World Development Indicators, indicator CM.MKT.LCAP.GD.ZS, licensed CC BY 4.0. Original source: World Federation of Exchanges database, World Federation of Exchanges (WFE) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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