Trading activities on the Nigerian stock market recorded an impressive performance in 2025, underscoring a year of strong investor confidence, improved liquidity and broad-based market participation.
Market capitalisation of the Nigerian Exchange opened the year at N62.763 trillion and closed 2025 at N99.376 trillion, representing a substantial gain of 58.34 per cent. The sharp increase highlights the strength of price appreciation across listed stocks and the growing depth of the domestic capital market.
The benchmark Nigerian Exchange All-Share Index (ASI) also delivered a robust performance in 2025, posting a year-on-year gain of 51.19 per cent.
The index, which opened the year at 102,926.40 points, advanced steadily over the months to close on December 31, 2025, at 155,613.03 points. The rally reflected sustained buying interest across key sectors of the market, particularly banking, consumer goods and energy stocks.
With this performance, the Nigerian stock market ranked among the better-performing equity markets globally in 2025, outperforming many international peers that recorded significantly lower annual returns amid persistent global economic uncertainty and tightening financial conditions in advanced economies.
Market analysts attributed the strong showing to a combination of macroeconomic, policy and market-specific factors. Improved stability in the foreign exchange market helped to reduce volatility in the naira, restoring confidence among local and foreign investors and encouraging a shift toward equities relative to fixed-income assets.
In addition, easing inflationary pressures improved expectations around corporate profitability and supported a more favourable outlook for monetary policy, making equities increasingly attractive.
Corporate performance also played a critical role. Strong earnings results, particularly from banks, consumer goods manufacturers and energy companies, lifted valuations as investors rewarded companies with resilient growth, solid balance sheets and consistent dividend payouts.
These fundamentals helped sustain positive sentiment among both retail and institutional investors throughout the year.
Monetary policy expectations further influenced asset allocation decisions. Anticipation of a more accommodative interest-rate environment encouraged capital flows into equities, even as elevated yields on government securities at various points in the year competed for investor funds.
Meanwhile, ongoing government reforms, recapitalisation initiatives and clearer regulatory signals contributed to a more predictable investment climate, reinforcing confidence in the market’s long-term prospects.
External factors also shaped performance. Movements in global oil prices had direct implications for Nigeria’s fiscal position, currency stability and corporate earnings, particularly in energy-related and banking stocks. In addition, global interest-rate trends and capital flow dynamics influenced foreign investor participation.
Speaking on the market’s performance, Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, said the capital market demonstrated notable resilience in 2025 despite domestic and global economic headwinds.
According to him, the outcome underscores the importance of policy consistency, purposeful reforms and strategic collaboration in strengthening investor confidence and sustaining growth.
He noted that efforts to advance economic reforms, improve market structures and invest in technology during the year supported a stable environment for capital formation, expanded market access and enhanced transparency and operational efficiency.
Looking ahead to 2026, Popoola said the NGX Group remains focused on deepening partnerships with regulators, issuers, market operators and policymakers to sustain the positive momentum.
He expressed optimism about the opportunities ahead, reiterating the group’s commitment to positioning the Nigerian capital market as a key driver of economic growth, wealth creation and Africa’s preferred exchange hub.
