NASD Securities Exchange closed 2025 with market capitalisation of N2.12 trillion. This represents a 106 percent rise from N1.03 trillion in 2024. New listings and price appreciation drove the expansion and confirmed growing interest in alternative capital markets.
For the capital market sector, the performance signals deeper diversification beyond the main exchange. NASD expanded activity across equities, fixed income instruments, and digital securities. This shift from planning to execution strengthened its role as a platform for companies seeking flexible listing options. Moderate trading on the OTC market stayed stable due to new admissions and improved pricing among existing securities.
For households, the growth widens investment choice. You gain access to securities outside traditional exchanges. Pension linked products performed strongly, reflected in the NASD Pension Index rising 215 percent to 3,002.68 points. This improves long term savings outcomes for contributors whose funds track alternative assets.
Market implications remain clear. Higher market value improves liquidity perception and attracts issuers searching for capital without full exchange listing costs. Investors gain exposure to early stage and growth firms. Price discovery improves as listings expand across sectors.
Risks persist. Lower liquidity in some OTC securities increases price swings. Limited public information on smaller issuers raises due diligence demands. Weak participation slows exit options during market stress.
Opportunities stand out in scale and access. More listings deepen market breadth. Digital securities introduce new issuance routes. You benefit when capital flows reach firms outside traditional funding channels. NASD strengthens its position as Nigeria’s primary alternative securities exchange.
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