The Organisation of Economic Co-operation and Development OECD says Nigeria's stock market ranks third-highest in Africa by the number of listed companies.
According to the OECD Africa Markets Report 2025, the Nigerian Exchange Ltd. NGX has 156 listed companies, ranking behind Egypt's Stock Exchange with 245 listings and South Africa's Johannesburg Stock Exchange with 204 and market capitalisation of about 33 billion.
"South Africa has the most developed public equity market, accounting for 60 per cent of the region's market capitalisation.
