Nigerian stock market investors have recorded a remarkable windfall of ₦25.7 trillion in capital gains between January and July 2025, signaling a significant rebound in market confidence and economic outlook, according to the latest data released by the Nigerian Exchange Limited (NGX).
The NGX report shows that the country’s market capitalization climbed sharply from ₦62.7 trillion at the end of 2024 to ₦88.4 trillion as of July 31, 2025. This growth is driven by a 26.4 percent rise in the All-Share Index (ASI), the primary benchmark for Nigerian equities, which rose from 102,926.74 points to 139,964.40 points over the seven-month period.
Experts attribute the surge to several interlinked factors including improved macroeconomic policies, enhanced foreign exchange liquidity, and growing investor appetite spurred by optimistic corporate earnings reports. The government’s ongoing reforms aimed at stabilizing the economy and improving business conditions have also played a crucial role in attracting both retail and institutional investors back to the market.
Nkemdilim Adio, an equity strategist at Leadway Capital, noted that “the combination of stable monetary policies and a clearer regulatory environment has instilled renewed confidence among market participants. Investors are increasingly optimistic about Nigeria’s economic trajectory and the prospects for listed companies.”
Key sectors driving the rally include banking, consumer goods, agriculture, and telecommunications. Stocks in the banking sector, led by GTCO and Zenith Bank, saw exceptional gains of 74.1 percent and 68.3 percent respectively. The Fast-Moving Consumer Goods (FMCG) sector also enjoyed robust growth, with Cadbury Nigeria’s shares surging by over 216 percent and Nestlé Nigeria climbing by 116 percent. Agriculture-related stocks, notably Presco Plc, recorded impressive gains of 226 percent, while telecommunications giant MTN Nigeria’s share price jumped by 140 percent.
July alone was an especially remarkable month, contributing ₦12.47 trillion to the overall market capitalization increase. This record monthly gain was fueled by active trading and heightened investor participation, underscoring strong market momentum.
Despite the positive outlook, financial analysts urge caution, warning that such rapid gains often come with increased volatility. Bayo Ojo, head of research at Nova Merchant Bank, emphasized the importance of risk management. “While the market’s performance is encouraging, investors should remain vigilant to external shocks, inflationary pressures, and global economic uncertainties that could trigger corrections,” he said.
This exceptional performance marks one of the strongest rallies in the Nigerian stock market in over a decade, positioning the NGX among the best-performing exchanges on the African continent in 2025. The market’s growth also reflects broader economic recovery efforts and highlights the role of capital markets as key drivers of Nigeria’s economic development.
Looking ahead, analysts are cautiously optimistic that continued reforms, improved corporate governance, and enhanced investor protection measures will sustain market growth and attract further capital inflows. This momentum could help deepen market liquidity, expand investment opportunities, and support wealth creation across Nigeria’s diverse investor base.
