Nigerian stocks delivered a historic performance in 2025, creating ₦36.6 trillion in new wealth for investors as foreign exchange market reforms, improved market structure, and strong corporate earnings combined to boost confidence on the Nigerian Exchange Limited (NGX).

The equities market closed trading on December 31, 2025, with a total market capitalisation of ₦99.376 trillion, rising sharply from ₦62.763 trillion at the end of 2024. The NGX All-Share Index (ASI) advanced by 52,686.63 basis points, or 51.2 per cent, to settle at 155,613.03 points, compared with 102,926.40 points at the start of the year. This marked one of the strongest annual rallies in the market’s history, far exceeding analysts’ expectations.

Analysts attributed the impressive performance largely to reforms in the foreign exchange market and robust earnings posted by listed companies, which helped attract sustained investor interest despite lingering global uncertainty and domestic macroeconomic pressures.

The strong 2025 showing followed an equally notable performance in 2024, when the market gained ₦21.03 trillion, or 51.4 per cent, even as the economy grappled with elevated inflation of 34.60 per cent as of November 2024, exchange rate volatility with the naira trading around ₦1,537 to the dollar, rising insecurity, and tightening global financial conditions.

Bullish momentum was sustained into the final trading session of 2025, with the local market extending its winning streak for a third consecutive day on Wednesday. The All-Share Index rose by 0.37 per cent to close at 155,613.03 points, while market capitalisation added ₦532.94 billion to finish at ₦99.38 trillion.

Buying interest in key bellwether stocks drove the gains, led by BUA Foods Plc, which advanced by 1.25 per cent; First HoldCo Plc, which surged 7.88 per cent; and MTN Nigeria Communications Plc, which gained 0.81 per cent. These advances outweighed losses recorded in some large-cap counters, including Zenith Bank Plc, Lafarge Africa Plc, and International Breweries Plc.

Trading activity slowed during the session, with total volume and value traded declining by 73.75 per cent and 9.61 per cent, respectively. CHAMS Holding Company Plc dominated activity by volume, with 710.28 million shares exchanged, while Aradel Holdings Plc led by value, with trades worth ₦9.52 billion. Market breadth remained strongly positive, as 47 stocks recorded gains against 17 decliners. Alex Industries Plc emerged as the best-performing stock of the day with a 9.98 per cent gain, while Neimeth International Pharmaceuticals Plc topped the losers’ chart after shedding 9.38 per cent.

Commenting on the market’s performance, the Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, said the 2025 outcome reflected the resilience of the Nigerian capital market in the face of domestic and global economic headwinds. He noted that the year’s performance underscored the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining growth.

According to him, efforts to advance economic reforms and improve market structures helped provide a stable environment for capital formation, while continued investment in technology expanded access, enhanced transparency, and improved operational efficiency across the market.

Looking ahead to 2026, Popoola said the NGX Group would continue to deepen partnerships with regulators, issuers, market operators, policymakers, and the broader financial ecosystem to sustain the momentum recorded in 2025. He expressed optimism about the opportunities ahead, stressing that the Group remains committed to positioning the Nigerian capital market as a key driver of economic growth and wealth creation, while advancing its vision of becoming Africa’s preferred exchange hub.

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