The Nigerian Exchange (NGX) saw robust growth in 2025, with total market capitalisation rising from N62.7 trillion at the end of 2024 to N99.38 trillion by 31 December 2025.
As of 20 January 2026, the market has reached approximately N106 trillion, continuing its upward trajectory and representing a substantial share of Nigeria’s nominal GDP of N113.59 trillion.
Most of the companies in the current top 10 were already part of the list at the end of 2024, all drawn from a subset of large-cap stocks above N1 trillion, known as the SWOOTs.
By 31 December 2025, the smallest company in the top 10 had a market capitalisation of around N2.5 trillion, while overall, roughly 24 companies on the NGX were valued above N1 trillion.
Combined, the top 10 NGX companies were worth about N65 trillion, representing 65.5% of the total market.
While gains were recorded across mid- and large-cap stocks, the biggest companies still carry the most weight, with even small price movements noticeably affecting the All-Share Index.
Here are the top 10 companies by market capitalization in 2025:
BUA Foods held the top spot on the NGX, with a market capitalisation of N14.38 trillion, representing 14.5% of the All-Share Index. Its 18 billion shares were priced at N798.90 each as of 31 December 2025.
Compared to 2024, the company’s value soared 92.5%, rising from a market capitalisation of N7.47 trillion.
In 2025, the company’s shares rose 92.5%, breaking the N700 mark for the first time, slightly below the 114.6% gain recorded in 2024, with improved sales likely fueling investor appetite.
Financially, BUA Foods reported strong results for the nine months ended September 2025:
- Q3 pre-tax profit reached N156 billion, up 99.4% from N78.46 billion in the same period of 2024.Nine-month pre-tax profit rose 101% to N432 billion from N215 billion the previous year.
- Total assets grew 13.4% year-on-year to N1.24 trillion, supported by higher receivables and due-from-related-company balances.
- Shareholders’ equity rose 40% to N600.33 billion, fueled by a 41% increase in retained earnings.
BUA Foods has yet to record any price movement in 2026, but a short-term retracement is possible, likely followed by a continuation upward.
