Nigeria’s equity markets delivered exceptional performance in the first six months of 2025, generating massive gains of N13.2 trillion for investors amid surging confidence.

The Nigerian Exchange (NGX) witnessed its market capitalization surge from N62.763 trillion at year-end 2024 to N75.964 trillion by June 27, 2025 – representing an impressive 21% growth. This remarkable expansion reflects growing optimism about Nigeria’s economic trajectory and the effectiveness of recent policy measures.

Market Performance Highlights

The NGX All-Share Index demonstrated equally strong momentum, climbing 17.2% from 102,926.4 points to reach 119,955.76 points during the period. June proved particularly lucrative, contributing N5.5 trillion in gains alone and showcasing the accelerating pace of investor enthusiasm.

Several key factors drove this exceptional market performance. Government policy clarity has emerged as a crucial catalyst, alongside improved foreign exchange liquidity and strengthening macroeconomic fundamentals.

Sector Leadership and Corporate Strength

The rally was broadly based, with banking, industrial goods, telecommunications, and oil and gas sectors leading the charge. Enhanced transparency through improved corporate disclosures, strong earnings reports, and attractive dividend distributions further bolstered market sentiment throughout the period.

The Central Bank’s proactive approach to maintaining financial stability proved instrumental in sustaining the upward momentum. Rising crude oil prices and consistent diaspora remittances provided additional support by strengthening external reserves and enhancing overall market resilience.

Foreign Investment Revival

International investors, who had previously adopted a cautious stance due to Nigeria’s macroeconomic challenges, are returning in significant numbers. The successful implementation of reforms addressing capital repatriation concerns and foreign exchange liquidity issues has restored confidence among global fund managers.

Individual Stock Success Stories

The broad-based rally translated into impressive gains for individual securities. MTN Nigeria’s share price jumped from N242 in January to N357.50 by late June, while Honeywell Flour Mills more than doubled from N10.00 to N21.20. Caverton experienced similarly dramatic growth, rising from N2.38 to N5.22, and University Press gained from N4.45 to N6.00. Cornerstone Insurance also participated in the rally, advancing from N3.31 to N4.15.