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:
Airtel Africa held the 4th position in 2025, with a market capitalisation of N8.53 trillion, representing 8.6% of the All-Share Index, based on 3.75 billion shares trading at N2,270 each.
On the exchange, the company’s value grew 5.2%, rising from N8.1 trillion recorded at the last trading day of 2024.
In 2025, the company’s shares gained 5.24% on the Nigerian Exchange, following a 14.3% increase the previous year, keeping the share price above the N2,000 threshold.
Financially, Airtel Africa has recorded measurable improvements:
- Revenue for the first half of 2025 rose 25.8% year-on-year to around $2.98 billion, reversing a prior decline.
- The company recovered from $179 million in foreign exchange losses, supported by gains from the Naira and other African currencies.
Although Airtel has yet to record any price movement as of mid-January 2026, bullish prospects could persist if the upcoming financials are strong.
