In this episode of Follow the Money Podcast, host Ugo-Dre takes listeners through a comprehensive review of the Nigerian stock market’s standout performance in 2025, while also setting the tone for what investors should expect in 2026.
The conversation begins with a reflection in 2025 as one of the NGX’s strongest years in over a decade, with the market delivering a 51.19% return and market capitalisation climbing to N99.3 trillion. Although the year started slowly, momentum built sharply in the second half, with December recording a strong rebound despite earlier disruptions caused by capital gains tax concerns.
Ugo-Dre further breaks down sector performance, highlighting the consumer goods sector as the clear winner following a strong recovery from 2024, while banking, insurance, and industrial goods also posted solid gains. In contrast, oil and gas lagged.
The episode then turns to how Follow the Money stock picks performed, with notable wins such as MTN, Guinness, Beta Glass, Custodian, and GTCO, many of which significantly outperformed the market, even as a few recommendations recorded losses.
Beyond Nigeria, the discussion places local performance in an African context, noting Ghana’s market as the continent’s top performer in 2025. Finally, Ugo-Dre looks ahead to 2026, outlining key themes to watch including company fundamentals, dividends, debt levels, foreign investor flows, and geopolitical risks.
If you’re an investor or market watcher looking to understand what drove 2025’s rally and how to approach 2026 with clarity and caution, this episode helps you connect the dots.
