Nigeria Stock Market Record N36 Trillion Gain in 2025 amid devaluation, Inflation

Nigeria’s stock market achieved historic growth in 2025, with equities surging 51.19 per cent, despite challenges from Naira devaluation, rising inflation, and global economic pressures surpassing the previous year’s 37.65 per cent gain.

Market capitalisation soared by a record N36.62 trillion, reaching N99.4 trillion, up from N62.76 trillion in 2024, marking the largest annual increase in history and consolidating the bullish momentum from 2024.

The year began slowly, but market activity picked up as investors responded to strong corporate earnings, dividend payouts, improved currency stability, and bargain hunting in fundamentally sound stocks. Initially, many investors had shifted to fixed-income securities, attracted by high yields amid tight monetary policy, but sentiment improved as the year progressed.

The Nigerian Exchange (NGX) All-Share Index (ASI) rose from 102,926.40 points on December 31, 2024, to 155,613.03 points on December 31, 2025. Local investors continued to dominate trading, accounting for 83.4 per cent of market activity.

Foreign participation improved modestly to 21.2 per cent, though still below long-term averages. Total foreign portfolio inflows rose 182 per cent to N1.1 trillion, while outflows increased 99.6 per cent to N909.6 billion, resulting in a net positive foreign balance of N208.2 billion—the first in three years—reflecting better foreign exchange liquidity, policy clarity, exchange rate stability, and renewed investor confidence.

Key corporate actions influencing market performance included: TotalEnergies’ sale of its 12.5 per cent stake in the Bonga oilfield to Shell for $510 million, UACN’s acquisition of CHI Limited to expand its FMCG portfolio, the listing of Legend Plc adding N11.3 billion to market capitalisation, and Tolaram Group’s N104 billion takeover of a 58 per cent stake in Guinness Nigeria. The delisting of MRS Oil, Union Homes Savings & Loans, Goldlink Insurance, and Aso Savings & Loans also shaped market dynamics.

Umaru Kwairanga, Chairman of NGX Group Plc, attributed the gains to market reforms, decisive corporate actions, and resilient investor participation. NGX Group CEO, Temi Popoola, added that “the Nigerian capital market in 2025 demonstrated resilience despite domestic and global headwinds, highlighting the importance of policy consistency, purposeful reforms, and strategic collaboration in fostering investor confidence and driving growth.”

Ambrose Omordion, COO of InvestData Consulting, noted that market momentum was supported by stability in the foreign exchange market and strong corporate filings. Afrinvest Limited highlighted that 2025 saw sustained bullish sentiment, periodic profit-taking, and heightened trading activity, driven by reforms, policy implementation, and growing market awareness.

Research firms reported that emerging and frontier markets delivered 27.7 per cent and 36.5 per cent returns, respectively, while African equities led global markets with 39.7 per cent returns, supported by stronger investor confidence and improved currency stability. The NGX-ASI extended its bullish trend, rising 45.2 per cent year-to-date as of mid-December 2025, with July and September recording peak activity due to strong earnings and increased interest in insurance stocks following the NIIRA Act.