The Nigerian Exchange Group (NGX Group) has recorded a remarkable surge in its market capitalisation, which rose by 37.7% to reach ₦141.75 trillion, reflecting renewed investor confidence and sustained momentum across key sectors of the equities market. The impressive growth underscores the resilience of Nigeria’s capital market amid global economic challenges and policy shifts in the domestic financial landscape.
According to market data released by the NGX, the growth in market capitalisation was driven by strong performances in the financial, energy, industrial, and consumer goods sectors, as well as increased participation from institutional and retail investors. Analysts attribute the surge to improved macroeconomic policies, corporate earnings recovery, and favourable reforms introduced by the Federal Government to stabilise the business environment.
The NGX Group explained that the sharp increase in valuation reflected a positive sentiment among investors who continue to see Nigerian stocks as attractive investment options, especially with the ongoing foreign exchange liberalisation and fiscal reforms that have bolstered confidence in the economy.
The Chief Executive Officer of NGX Group, Temi Popoola, noted that the market’s performance so far in 2025 is evidence of the resilience and strength of the Nigerian equities ecosystem. He said that the growth demonstrates investors’ response to the improving regulatory framework, corporate transparency, and rising profitability among listed companies.
“Our market capitalisation growth is not just a reflection of higher stock prices but also of strong investor participation and improved liquidity in the system. We have seen renewed inflows, both from local and foreign investors, who are now confident in the stability and long-term potential of our capital market,” Popoola stated.
He emphasised that NGX has continued to play a critical role in driving Nigeria’s economic development by facilitating access to capital for businesses while ensuring investor protection and market integrity. “The Exchange remains committed to innovation, sustainability, and transparency as we build a more inclusive and globally competitive marketplace,” he added.
Market analysts noted that the 37.7% rise in capitalisation is also linked to major listings and corporate actions that took place within the review period. Several blue-chip companies, including Dangote Cement, MTN Nigeria, BUA Foods, and Seplat Energy, contributed significantly to the overall growth with impressive earnings and dividend declarations that spurred positive sentiment among shareholders.
In addition, improved liquidity in the foreign exchange market, following recent interventions by the Central Bank of Nigeria (CBN), encouraged foreign portfolio investors to return to the market, further boosting capital inflows and driving up valuations.
Financial expert and stock analyst, Dr. Biodun Adedeji, said the NGX’s performance signals a recovery trend in Nigeria’s capital market. “Investors are responding positively to the reforms in fiscal and monetary policy. The government’s effort to stabilise the naira and improve the investment climate is beginning to yield results, and the equities market is one of the key beneficiaries,” he explained.
He added that the surge in market capitalisation also mirrors investors’ preference for equities as a hedge against inflation, given the country’s rising consumer prices and limited investment alternatives. “High inflation has made investors turn to the stock market as a store of value, particularly for dividend-paying and high-growth stocks,” he said.
Furthermore, the technology-driven transformation of the Exchange has enhanced transparency and ease of participation for investors. NGX’s focus on digital platforms, real-time data access, and investor education initiatives has expanded market inclusivity and strengthened trading efficiency.
Popoola reiterated the NGX Group’s vision to build Africa’s leading capital market platform by leveraging technology, sustainability, and global partnerships. He said that the Exchange would continue to deepen product diversification by promoting fixed-income instruments, derivatives, and exchange-traded funds (ETFs) to attract a broader base of investors.
He also revealed that the NGX Group is working closely with regulators and policymakers to introduce new frameworks that will boost listings, promote liquidity, and enhance governance standards. “Our long-term goal is to make Nigeria’s capital market a destination of choice for domestic and international investors. The growth we are witnessing now is only the beginning of greater opportunities,” Popoola affirmed.
Analysts have urged the government to maintain macroeconomic stability and ensure policy consistency to sustain investor confidence in the market. They also advised corporate issuers to uphold transparency and good governance practices to attract long-term capital inflows.
The Nigerian capital market’s strong performance in 2025 is seen as a reflection of broader optimism about the nation’s economic recovery. With the NGX’s total market capitalisation now at ₦141.75 trillion, stakeholders believe that the Exchange is on track to play an even more significant role in financing national development and promoting wealth creation.
As the market continues to grow, experts project that Nigeria’s equities and capital market could attract more listings, particularly from fintech, manufacturing, and energy companies seeking expansion capital, further solidifying the NGX’s position as one of Africa’s leading financial hubs.
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