THE Nigerian Exchange (NGX) has been ranked the fourth best-performing stock market globally in 2025. This is, however, a step-down from the third position recorded by the NGX in 2024, according to African Markets, which focuses on analyses of markets across Africa.
The NGX All-Share Index (ASI) returned 51.2 percent last year, with market capitalisation reaching N99.3 trillion, which is its strongest performance since 2007. This implies that several millionaires emerged from the NGX last year.
For six years, the NGX has reported big returns, making millionaires of several low-income investors. On January 5, 2025, the NGX hit nearly N102 trillion in market capitalisation, with All Share Index (ASI) rising by 1.74 percent.
According to the African Markets, momentum was especially strong in the second half (H1) of 2025, with returns nearly at 30 percent over the 6-month period, driven by a 16.6 percent gain in July.
“The Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds,” said Group Managing Director/Chief Executive Officer, Nigerian Exchange Group (NGX Group), Mr Temi Popoola.
“This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.”
He said during the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while the continued investment in technology played a critical role in expanding access, enhancing transparency, and improving operational efficiency across the market.
“As we look ahead to 2026, NGX Group remains focused on deepening partnerships with regulators, issuers, market operators, policymakers, and the wider financial ecosystem to sustain this momentum. We are optimistic about the opportunities ahead and committed to positioning the Nigerian capital market as a key driver of economic growth and wealth creation, while advancing NGX Group’s vision as Africa’s preferred exchange hub,” he noted.
Big gainers on NGX
Investors were bullish in the NGX in 2025. A company named NCR topped the gainers’ chart, with a 1,354 percent return. It is followed by Beta Glass, which returned 470.11 percent to investors.
Mutual Benefits, an insurance firm, appreciated by 421.31 percent, while brewer Champion Breweries gained 344.88 percent. Similarly, palm oil maker Ellah Lakes gained 341.46 percent, while Eunisell returned 315.15 percent.
Nigerian brewer Guinness gained 312.38 percent, while Vitafoam returned 311.30 percent. While Cadbury appreciated by 177.21 percent, Honeywell Flour Mills gained 181.75 percent, with Wema Bank returning 109.89 percent to investors.
Also, in 2025, International Breweries gained 116.22 percent, while Berger Paints returned 110 percent, with Nigerian Breweries appreciating by 148.44 percent over the year. Furthermore, Nestlé Nigeria gained 123.77 percent, just as Unilever rose by 118.51 percent. FTN Cocoa returned 142.86 percent to investors, while Okomu Oil Palm gained 149.77 percent.
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Analysts say the momentum will continue in 2026, with economic stability and policy certainty driving portfolio investments into Africa’s most populous nation.
Chief Executive Officer of Financial Derivatives, Mr Bismark Rewane, predicts an expanding capital market in 2026, noting that the Nigerian Exchange’s total market capitalisation could jump to N262 trillion this year, up sharply from the current N90 trillion, representing a 191 percent increase.
According to him, the market would represent 72 percent of Nigeria’s projected gross domestic product (GDP), placing it among the fastest-expanding markets in the emerging economies.
He forsees listings of mega corporates, including the Dangote Refinery and the Nigerian National Petroleum Company (NNPC), alongside accelerations of profitability across sectors such as telecoms, cement, consumer goods and banking.
According to him, investor sentiment was already shifting due to improving foreign exchange stability, sustained disinflation and stronger earnings guidance from top-tier companies.
He noted that Nigeria’s equity market was entering a new cycle powered by corporate expansion, regulatory reforms and the return of long-delayed market-moving listings, noting that slowing inflation in 2026 could be one of the most important pivot points for Nigeria’s recovery.
