Technology stocks on the Nigerian Exchange have emerged as one of the market’s brightest stories in 2025, with gains as high as 993% for some players, firmly placing the ICT sector in the spotlight for investors.
Covering fibre optics, computer hardware, electronic payments, and voice and broadband services, these firms have become a major force on the Exchange, with the combined market capitalization of performing ICT stocks jumping 58% year-on-year to N18.61 trillion in November 2025, up from N11.7 trillion in November 2024.
Their influence extends well beyond rising share prices, as these companies provide the critical digital infrastructure that keeps banks, manufacturers, retailers, and service providers operating efficiently, cementing their importance to the wider economy.
Spread across large-, mid-, and small-capitalisation segments; some of these stocks also sit on flagship indices such as the Premium Board and the NGX 30. As a result, their performance increasingly shapes movements in the broader All-Share Index.
Of the nine ICT stocks on the Nigerian Exchange, seven recorded positive returns between 1 January and 30 November 2025, with rising market capitalisations highlighting their growing momentum.
Market cap swells
The market capitalisation growth of these seven ICT stocks reflects their strong performance, driven by sustained share price appreciation.
With shares outstanding held largely constant, rising prices have translated directly into bigger market values.
- As of the last trading day of November 2024, the combined market capitalisation of these stocks stood at N11.77 trillion.
- By November 2025, this figure had surged 58% year on year to a cumulative N18.61 trillion.
MTN Nigeria accounted for the largest weight, with its market capitalisation rising from roughly N3.5 trillion a year earlier to about N9.8 trillion.
Airtel Africa followed closely as the second largest, with a market value of approximately N8.5 trillion from N8.1 trillion.
Among the mid- and small-cap names, eTranzact’s market capitalisation hit N132.9 billion from N69.0 billion, while CWG expanded to N45.3 billion from N14.5 billion. Chams Holdings, NCR, and Omatek closed November 2025 with market values of N19.6 billion, N5.9 billion, and N3.4 billion respectively.
These gains are largely driven by rising share prices and reflect both increasing market values and growing investor confidence in Nigeria’s ICT sector.
Soaring prices
Evaluating the share price performance of ICT stocks on the Nigerian Exchange from 1 January to 30 November 2025 shows strong growth across the sector.
Leading the pack, NCR (Nigeria) saw its share price soar 993%, rising from N5.00 to N54.65 per share. MTN followed with a 135.3% increase, moving from N200 to N531.70 per share, while CWG gained 133% to N17.95.
Other notable gains included eTranzact, up 122.31% to N14.45, Chams Holdings up 61.2% to N2.95, Omatek up 60.27%, and Airtel Africa up 5.24%.
These sharp price increases reflect renewed investor interest and confidence in the ICT sector, highlighting its growing appeal on the Nigerian Exchange in 2025.
What the experts are saying
According to Muktar Mohammed, CEO of Asher Investment Ltd, stable macroeconomic factors—such as a steady exchange rate in 2025—have provided a positive backdrop for the performance of ICT companies.
He added that the growing impact of their services, particularly in the banking sector, is likely attracting increased investor interest.
Samuel Oyekanmi, Research and Insight Lead at Norrenberger Financial Group, noted that while higher tariffs have boosted the profitability of a few major players in the sector, they have also helped spread positive sentiment across several mid- and small-cap ICT stocks.
Overall, both experts agree that ICT companies remain highly relevant in key industries, such as financial services, and continue to draw growing attention from investors.
