Nigeria’s banking and capital market sectors experienced major regulatory reforms and sustained activity in 2025, demonstrating notable resilience in the face of evolving macroeconomic conditions.
Our Banking and Capital Markets 2025 Wrap-Up and 2026 Outlook Report, examines the regulatory and market developments that defined the sectors in 2025, including CBN’s monetary policy and FX reforms, the progress and pressures of the banking sector recapitalisation drive which propelled significant activity across the equity capital market with over NGN 3 Trillion raised, the enactment of the Investment and Securities Act 2025 which strengthened the powers of the SEC and increased applicable penalties for capital market infractions, introduction of new non-interest instruments and increased appetite for non-interest products, and highlights of notable judicial decisions that continue to strengthen investor protection in Nigeria’s financial markets.
As 2026 unfolds, we anticipate sustained FX market stability, strategic consolidation within the banking sector, increased credit extension by banks, heightened activity in non-interest capital market instruments, continued sovereign and sub-national borrowing, and the introduction of new rules as the SEC moves to align its current rules with the ISA 2025.
Our report offers considered perspectives for banks, capital market operators, investors and other financial market participants, navigating a financial system that remains dynamic and reform-driven.
