- The NGX All-Share Index surged 51.19% in 2025 to 155,613 points, with equity market capitalization expanding by N36.6 trillion to N99.38 trillion, ranking Nigeria among the world’s best-performing markets
- The rally was driven by macroeconomic stabilization—GDP growth averaging 3–4%, inflation dropping to 14.45%, naira strengthening—and deliberate market reforms that boosted liquidity, valuations, and investor confidence.
- NGX facilitated N6.49 trillion in capital raising and recorded strong growth across equities, fixed income, and ETFs, with plans to deepen collaboration, enhance technology, and position Nigeria as Africa’s preferred exchange hub.
Trading on Nigerian Exchange Limited (NGX), the operating exchange of Nigerian Exchange Group Plc, closed on 31 December 2025 with Nigeria’s capital market ranking among the strongest-performing globally.
The rally capped a year in which improving macroeconomic conditions and sustained market reforms combined to drive valuations, liquidity and investor participation.
By the end of the year, the NGX All-Share Index had risen 51.19% to 155,613 points, up from 102,926 at the start of 2025.
Total equity market capitalisation expanded by more than N36.6tn, reaching N99.38tn, one of the largest absolute increases recorded across global equity markets during the year.
Nigeria’s performance compared favourably with major developed and emerging markets, where equity index returns generally remained below 25%. The MSCI All Country World Index posted gains of about 20%, underscoring the scale of Nigeria’s outperformance and the renewed attention it attracted from global investors.
Macroeconomic stabilisation and market reform
The rally reflected a confluence of macroeconomic stabilisation and deliberate capital market reforms. Nigeria’s economy recorded growth of 3.13%, 4.23% and 3.98% in the first three quarters of 2025, while headline inflation slowed sharply to 14.45% in November, from 34.60% a year earlier. The naira also strengthened modestly, closing the year at N1,448.03 to the dollar, compared with N1,538 at the beginning of the year.
Against this backdrop, NGX Group intensified engagement with policymakers, regulators, issuers, market operators and investors to ensure that macroeconomic improvements translated into market depth, improved valuations and broader participation.
“The Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds,” said Temi Popoola, Group Managing Director and CEO of NGX Group. “The performance highlights the importance of policy consistency, purposeful reforms and strategic collaboration in strengthening investor confidence and sustaining market growth.”
He added that continued investment in technology and market infrastructure helped expand access, enhance transparency and improve operational efficiency across the market.
Broad-based growth across asset classes
Market expansion was broad-based. As at 31 December 2025, equity market capitalisation stood at N99.38tn ($68.74bn), while the fixed income market reached N51.48tn ($35.61bn). Exchange-traded funds recorded particularly strong growth, with market capitalisation rising to N45.55bn, reflecting increasing product adoption and investor sophistication.
Trading activity also strengthened. Year-to-date equities turnover rose to N5.96tn, while average daily value traded increased to N23.76bn, supported by price appreciation, solid corporate earnings, banking sector recapitalisation, new listings and ongoing improvements to market structure.
Beyond secondary market performance, capital formation remained central to NGX’s mandate. During the year, the Exchange facilitated N6.49tn in capital raising by government and corporate issuers through equity and fixed income instruments, supporting infrastructure financing, business expansion and fiscal sustainability.
Outlook
Looking ahead, NGX Group says it will prioritise deeper collaboration with regulators, issuers, market operators and policymakers, while continuing to invest in technology to sustain momentum and broaden market access.
“We remain optimistic about the opportunities ahead and committed to positioning Nigeria’s capital market as a key driver of economic growth and wealth creation,” Popoola said, adding that the Group aims to strengthen its role as Africa’s preferred exchange hub.
The gains of 2025 mark a significant moment for Nigeria’s capital market, but sustaining that momentum will depend on continued macroeconomic discipline, policy consistency and the depth of reforms underpinning investor confidence.
