NGX Market Value Increases by 37% Reaching an All-Time High of N149.7tn in 2025

The Nigerian Exchange Limited (NGX) closed the year 2025 on a positive trajectory as the overall market capitalization of listed equities, debt products, and Exchange Traded Funds (ETFs) escalated to a remarkable N149.7 trillion. This impressive growth was spurred by heightened investor confidence due to enhanced macroeconomic conditions and the federal government's increased engagement with the capital market for funding initiatives.

This figure reflects a notable increase of N40.5 trillion or 37.03 percent from the N109.27 trillion recorded in 2024, epitomizing what industry experts have termed one of the most resilient years for Nigeria’s capital market in recent memory.

Analysts have credited this strong growth to a blend of foreign-exchange reforms that facilitated foreign portfolio investments, ongoing bank recapitalization efforts, improved corporate profitability, and a relatively stable economic environment.

A detailed analysis of the statistics reveals that equities were the primary contributor to market capitalization, accounting for approximately 66.2 percent of the overall value. The debt market followed with 33.7 percent, while ETFs constituted a minor fraction of 0.03 percent. Specifically, the equities segment concluded 2025 valued at N99.183 trillion, marking a rise of N36.4 trillion, or 58 percent, compared to the N62.775 trillion recorded by the end of 2024. Conversely, the debt market experienced a moderate expansion, reaching N50.509 trillion, an increase of N4.04 trillion, or 8.7 percent over the N46.466 trillion noted in the previous year. The ETF sector also saw significant growth, with its market value increasing to N42.845 billion, up by approximately N13 billion or 46.8 percent from N29.919 billion in 2024.

As of now, there are 25 federal government bonds listed on the NGX, in addition to bonds from four state and local governments, and 19 corporate bonds and debentures. The Exchange also lists 150 equities, more than 10 ETFs, and seven Eurobonds issued by the Central Bank of Nigeria (CBN) along with the federal government.

Market experts pointed out that robust corporate earnings and significant dividend payouts from the 2024 fiscal year, particularly from banking and cement sectors, played an essential role in attracting investors looking for reliable returns amidst ongoing macroeconomic uncertainties. They also noted that the federal government’s growing dependence on the capital market to mitigate budgetary shortfalls has deepened the debt section and enhanced liquidity in the market.

Recently, numerous listed companies reported remarkable month-to-date gains, reflecting renewed interest from foreign investors driven by improving economic signals and strong earnings results.

Bismarck Rewane, the Managing Director of Financial Derivatives Company, had anticipated that the market capitalization of Nigeria’s capital market could increase by as much as 190 percent, from approximately N91 trillion to N262 trillion by 2026. He emphasized that forthcoming listings, such as the Dangote Refinery estimated at around $32 billion, along with the potential listing of NNPC Limited, could revolutionize the market.

Rewane noted that such developments may elevate the stock market's contribution to the GDP from roughly 20 percent to nearly 80 percent in the medium term, thereby positioning it as a key driver of capital formation. He stated, “The stock market is evolving into a more significant source of national savings and corporate financing. These listings will fundamentally change the market's structure and substantially influence growth.”

Under the stewardship of CBN Governor, Dr. Olayemi Cardoso, the economy has seen a gradual resolution of foreign exchange backlogs and enhanced stability in the foreign exchange market, fostering reassurance for both domestic and international investors. Furthermore, strong corporate fundamentals have supported this market rally, with several listed firms recording impressive profits and others returning to profitability after a period of losses.

David Adonri, the Vice President of Highcap Securities, remarked that the rally observed in 2025 was fueled by renewed interest in fundamentally sound stocks such as Airtel Africa, Nestlé Nigeria Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc, and MTN Nigeria Communications Plc.

“After reacting, the market is expected to stabilize until around the third week of June, when mid-year corporate results will start affecting stock prices positively or negatively, based on the quality of the information released,” he indicated.

In a similar vein, Aruna Kebira, the Managing Director and Chief Executive of Globalview Capital Limited, observed that despite occasional volatility and the existing economic challenges, the capital market demonstrated a strong and generally optimistic performance throughout 2025, reinforcing its crucial role in Nigeria’s economic recovery.