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:
Dangote Cement ranked 3rd on the NGX, with a market capitalisation of N10.27 trillion, representing 10.4% of the All-Share Index. The company’s 16.87 billion shares were trading at N609 each as of the last trading day of 2025.
Compared to 2024, Dangote Cement’s value on the Nigerian equities market has risen 26%, up from N8.15 trillion.
In 2025, the company’s shares gained 27% on the Nigerian Exchange, following a 49.7% increase the previous year, keeping the share price above the N600 threshold and supporting its market value.
Key financial highlights for the nine months ended September 2025 include:
- Pretax profit reached N1.04 trillion, up 156.2% year-on-year, supported by robust sales.
- Revenue increased 23.2% to N3.15 trillion, from N2.56 trillion in the same period in 2024, with Nigeria accounting for over two-thirds of group revenue.
Dangote Cement is already up 4.27% in 2026, and strong financials alongside positive corporate actions could push it above N700.
