Nigeria’s equities market delivered a stellar performance in 2025, recording a massive N36.62 trillion increase in market capitalisation amid renewed investor confidence and strong market activity.
Data from the Nigerian Exchange (NGX) showed that total market value climbed to N99.4 trillion as of the close of trading on December 31, 2025, up from N62.76 trillion at the end of 2024.
The rally translated into a 51.19 per cent return for investors during the year, significantly outperforming the 37.65 per cent gain recorded in the previous year. Market analysts attributed the surge to improved sentiment, policy reforms and expanding participation across key sectors of the economy.
The NGX All-Share Index (ASI) also posted remarkable growth, rising by 52,686.63 points or 51.2 per cent to close the year at 155,613.03 points, compared with 102,926.40 points at the beginning of 2025.
Commenting on the performance, Group Managing Director of Nigerian Exchange Group (NGX Group), Mr Temi Popoola, said the capital market showed strong resilience despite domestic and global economic challenges.
According to him, the impressive outcome highlighted the value of policy stability, targeted reforms and collaboration among market stakeholders in boosting investor confidence and sustaining growth. He added that technology investments by the Exchange helped improve market access, transparency and operational efficiency throughout the year.
Popoola said NGX Group would, in 2026, intensify engagement with regulators, issuers, policymakers and other players within the financial ecosystem to consolidate gains and position the Nigerian capital market as a major engine for economic expansion and wealth creation across Africa.
Also speaking, Vice President of Highcap Securities Ltd., Mr David Adonri, described the Nigerian stock market’s 2025 performance as exceptional, noting that it was on course to rank among the world’s top three performing equity markets.
He pointed out that the All-Share Index appreciated by more than 50 per cent, a feat he described as extraordinary for the secondary market. Adonri added that the primary market was equally vibrant, raising over N10 trillion for both public and private sector activities during the year.
He said the broad-based growth across equities, fixed income and money market instruments marked what operators now describe as the “Tinubu boom,” noting that the momentum remained strong across all sectors.
According to Adonri, consumer goods, telecommunications and agriculture were among the major drivers of the rally, with stocks such as Okomu Oil and Presco Plc posting exceptional gains that lifted overall market performance.
He further disclosed that corporate entities raised close to N800 billion through commercial papers in 2025, underscoring the depth of capital mobilisation in both short- and long-term funding.
Adonri concluded that 2025 would be remembered as one of the most remarkable years in the history of Nigeria’s capital market, defined by robust equity trading and unprecedented capital raising activities.
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