Stock Market Appreciates by N36.6 Trillion in 2025

Kayode Tokede

The stock market section of the Nigerian Exchange Limited (NGX) appreciated by N36.6 trillion in 2025 on renewed investor confidence following the Central Bank of Nigeria’s (CBN) reforms in the foreign exchange and impressive corporate earnings by listed companies on the bourse.

Specifically, the market capitalisation of listed stocks closed for trading on December 31, 2025, the last trading session of the year, at N99.376 trillion, gaining N36.6 trillion from the N62.763 trillion it closed for trading on December 31, 2024.

Also, the NGX All-Share Index advanced by 52,686.63 basis points or 51.2 per cent to close 2025 at 155,613.03 basis points from the 102,926.40 basis points it opened for trading this year.

The ongoing CBN banking sector recapitlisation exercise, inflow from foreign investors and reforms by the management of the NGX contributed to the stock market rally in 2025.

Also, policy reforms that aimed at energy pricing enhanced market transparency and investor confidence, resulting in increased trading volumes in the market.

Also, the proposed tax reforms, such as the gradual reduction in income tax on company profits, created a more favourable environment for business operations and investments.

Speaking on the stock market performance in 2025, Group Managing Director/Chief Executive Officer, Nigerian Exchange Group (NGX Group), Temi Popoola, stated that “the Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds. This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.

“During the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while our 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.”

On his part, Investment Banker & Stockbroker, Mr. Tajudeen Olayinka, attributed the stock market gain in 2025 to impressive corporate earnings and policies of Tinubu led-administration, stressing that foreign investors, especially, utilised the cheap price of some fundamental stocks on the bourse.

Managing Director and Chief Executive Officer, APT Securities and Funds Limited, Kasimu Garba Kurfi, said the signing of the Nigerian Insurance Industry Reform Act (NIIRA 25) triggered a rally in insurance stocks, while the CBN’s bank recapitalisation programme revived the primary market, attracting over N2 trillion in 2024, with similar volumes in 2025.

”Domestic investors, however, remain the dominant force, accounting for 72.92 per cent, or N3 trillion. Daily market turnover has also improved sharply, averaging N25–N30 billion, compared with N5 billion in previous years,” he added.

For investors, Kurfi recommended a focus on blue-chip stocks with strong fundamentals and insurance companies, particularly those that have diversified into asset management, including pension fund administration.

He advised portfolio diversification to include fixed-income instruments for balance, adding that the capital market remains the best hedge against inflation and naira devaluation in the current economic climate.