NGX (Nigeria): Listing Requirements and IPO Guide

Headquarters

Lagos, Nigeria

Region

Middle East & Africa

Market Focus

Frontier Markets

Overview

Nigerian Exchange Limited, or NGX, traces its history to the Lagos Stock Exchange, established in 1960. In 2021 it demutualised and became part of Nigerian Exchange Group.

Listings are concentrated in banking, telecoms, cement and consumer goods, and the market is followed by investors in frontier and African equities.

Known For

Banks and financial services
Leading telecoms, cement and consumer goods companies
A Growth Board for smaller companies
Frontier market exposure to Africa's largest population

Listing Considerations

The Securities and Exchange Commission of Nigeria regulates the market
Currency and foreign exchange liquidity are key concerns for foreign investors
Market value is concentrated in a small number of large companies
Domestic pension funds provide institutional demand

Key Facts

Founded

1960 (as the Lagos Stock Exchange)

Operator

Nigerian Exchange Group

Regulator

Securities and Exchange Commission, Nigeria

Main Index

NGX All-Share Index

Currency

Nigerian naira (NGN)

Trading Hours

10:00 a.m. – 2:30 p.m. WAT, Monday–Friday

Market Segments

Premium Board, Main Board, Growth Board

Official website →

Listing Requirements

Separate boards with thresholds based on market capitalisation, profit history and shareholders' equity
A minimum free float and number of shareholders for each board
Prospectus approved by the SEC Nigeria
Growth Board for smaller and high-growth companies

Summary of NGX listing structure, checked November 2026. Detailed thresholds are set in the NGX Rulebook.

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