NGX Delivers Historic 51.2% Gain in 2025, Highest Since 2020
The Nigerian Exchange (NGX) delivered a historic gain of 51.19% in 2025, the highest surge since 2020, as the local bourse becomes a go-to trading platform to hedge inflation pressure. This makes NGX the second-best performing market in Africa, marking its highest performance in five years
With about N99.38 trillion in equity portfolio value, the Nigerian market delivered significant wealth creation driven by price appreciation and re-rating of large-cap stocks. The market experienced strong gains across the banking, industrial goods, consumer goods, insurance, and energy sectors.
This was strengthened by rising domestic institutional activity alongside the gradual return of foreign portfolio investors. Stocks are increasingly preferred over fixed income amid negative real yields.
On sectoral distribution, consumer goods topped the valuation. According to market data released by SAMTL, 20 consumer goods stocks valued at N23.58 trillion accounted for 23.78% of the NGX capitalisation in 2025.
The industrial index ranked as the second driver of the NGX capitalisation, with 12 companies attracted at a total valuation of N18.82 trillion. Industrial names accounted for 18.92% of the NGX market capitalisation in 2025.
On the third leg was the banking sector, with 13 listed names attracting a combined valuation of N16.09 trillion. The banking index accounted for 16.92% of the Nigerian bourse’s entire market capitalisation as of 2025.
The insurance index contributed less than 1% to Nigerian Exchange equities market capitalisation. Data released by SAMTL showed that 21 listed insurance companies are worth less than N1 trillion in the local bourse, contributing 0.97% to the NGX capitalisation.
Meanwhile, nine companies in ICT sector were valued at N19.47 trillion, and they accounted for 19.43% of the local bourse market capitalisation. Other significant contributors include oil and gas index and utilities. Data showed that 7 oil and gas companies attracted N7.31 trillion in market value. These companies accounted for 7.37% of NGX valuation in 2025.
In 2026, the market is expected to continue its bullish trend as investors anticipate corporate earnings expansion, with continued profit growth from listed firms underpinning further equity gains.
The bullish expectation will be supported by improving investor confidence, attracting both foreign and domestic inflows due to ongoing structural reforms and global equity tailwinds from AI investments, dovish monetary policies, and rotation to emerging markets, which could broadly buoy equities.
