Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Nigerian Exchange (NGX)

Name Nigerian Exchange (NGX)
Country Nigeria
Number of listed companies 174
Domestic market capitalization 86163 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

  • Effective January 2019, for all issuers on the Premium Board of the exchange.
  • SEC Approved Rules here.

Has written guidance on ESG reporting Yes

Offers ESG related training Yes

Market covered by sustainability-related index No

Has sustainability bond listing segment Yes

Has SME listing platform Yes

Women on boards mandatory minimum rule No

Additional information
  • Admitted to “Gold Community” of the Global Reporting Initiative.
  • Reported the NSE Sustainability Report in line with the GRI G4 Guidelines.
  • Celebrated the 2017 International Women’s Day with a half day symposium, playing host to over 200 business and thought leaders and participated in the Ring the Bell for Gender Equality program.
  • Celebrated International Women’s Day in March 2016 with over 150 business and thought leaders. Participated in the “Ring the Bell for Gender Equality” program.

Organizational model of stock exchange
  • Not For profit, limited by guarantee with no shareholding structure. (In discussions to demutualize).

Regulatory bodies

Regulatory model

Limited Exchange Self-Regulatory Organization (SRO) Model.

  • Pursuant to the Investment and Securities Act 2007, the Securities and Exchange Commission of Nigeria (SEC) engages in registration, inspection, surveillance, investigation, enforcement and rulemaking activities. The Investment and Securities Act 2007, the SEC Consolidated Rules and Regulations 2013, and the license issued to The Nigerian Stock Exchange (“The Exchange”) by the SEC empowers The Exchange to engage in registration, inspection, surveillance, enforcement and rule making activities in respect of its dealing members and listed companies. The rules of The Exchange however need to be approved by the SEC before they can become operational.

About the stock exchange

Location: Lagos, Nigeria.

  • The Nigerian Stock Exchange (NSE or the Exchange) was founded in 1960 and today services the second largest financial center in sub-Saharan Africa. The NSE is licensed under the Investments and Securities Act (ISA), and is registered and regulated by the Securities and Exchange Commission (SEC) of Nigeria. The Exchange is a founding member and executive committee member of the African Securities Exchanges Association (ASEA), a member of the Intermarket Surveillance Group (ISG), an affiliate member of the World Federation of Exchanges (WFE), and an affiliate member of the International Organization of Securities Commissions (IOSCO).The NSE continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness. Along with securities listing and trading services, the Exchange offers market data dissemination services, market indices, ancillary technology services and much more. The Nigerian Stock Exchange also offers electronic clearing, settlement and delivery (CSD) services through Central Securities Clearing Systems Plc (CSCS), an associate company of the NSE. With over 250 listed securities and 223 active brokers, the Exchange operates a fair, orderly and transparent market that brings together the best of African enterprises, and the local and global investor communities. The Nigerian Stock Exchange is poised to champion the acceleration of Africa’s economic development, and to become “the Gateway to African Markets”. (Source).

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.