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:
MTN Nigeria occupied the 2nd position on the NGX in 2025, with a market capitalisation of N10.72 trillion, representing 10.8% of the All-Share Index. Its 20.9 billion shares were priced at N511 each.
The growth in value has been impressive, up 155.5% from N4.1 trillion, which the company’s shares were valued at in 2024.
After falling 24% in 2024, MTN bounced back in 2025, with shares up 155.5%, pushing market value above N12 trillion, likely boosted by improved financial performance.
Financially, the company delivered significant recovery:
- Pre-tax profit for the nine months ended 30 September 2025 rose to N1.12 trillion, reversing a loss of N713.6 billion in the same period the previous year.
- Revenue for the period reached N3.73 trillion, driven by strong growth across multiple services. Data revenue led the way at N1.97 trillion, a 73% year-on-year increase, accounting for over 53% of total revenue. Voice revenue grew 48% to N1.19 trillion from N803.95 billion.
The recovery was supported by expanding smartphone penetration, increased data usage, and fintech adoption.
These trends have likely strengthened investor confidence, contributing to both the rise in share price and MTN’s market capitalisation.
MTN Nigeria is up 13.50% year to date, with prospects of moving above N600, supported by strong financials.
