Nigeria’s stock market capitalisation surged to N126.73 trillion in the first half of 2025, representing a N14.13 trillion increase as the Nigerian Exchange sustained its position among the world’s best-performing markets.
The 16 percent growth across multiple asset classes demonstrates sustained investor confidence and the continuing impact of macroeconomic reforms. Companies and governments successfully raised N4.63 trillion during the six-month period, underlining the capital market’s crucial role in financing infrastructure and corporate expansion.
Equities market capitalisation increased from N62.76 trillion to N75.95 trillion, while the fixed income segment remained stable at N50.56 trillion. Exchange traded funds rose to N25.79 billion, reflecting diversified investor interest across asset classes.
Nigerian Exchange Group Managing Director Temi Popoola attributed the bullish trend to regulatory clarity, macroeconomic reforms, and rising foreign and domestic investor confidence. The performance results from deliberate structural reforms and strong regulatory engagement.
“We have worked closely with the Securities and Exchange Commission to enhance market transparency, drive product diversification, and strengthen investor protections. Our aim is to build a market that competes globally while remaining inclusive and resilient,” Popoola explained.
The NGX Group is actively expanding its African and global footprint through strategic investments and partnerships. The group’s investment in the Ethiopian Securities Exchange marks a strategic push toward regional capital market integration.
Ongoing engagements with Shanghai and Hong Kong Stock Exchanges focus on dual listings and liquidity frameworks aimed at connecting Nigerian companies with deeper global capital pools. These initiatives position Nigeria as a regional financial hub.
Sustainability remains central to NGX Group’s strategy, with recent funding partnerships advancing green finance initiatives. Collaboration with the International Finance Corporation promotes ESG reporting standards and green bond issuance.
The group’s investment in financial literacy programs and gender inclusion initiatives reinforces its commitment to creating a more equitable financial ecosystem. These efforts support broader economic participation and market development.
Arthur Steven Asset Management Managing Director Olatunde Amolegbe attributed the market performance to intrinsic values and rising investor confidence. “We’ve seen a resurgence in foreign portfolio participation in our market and this is also a contributing factor,” he noted.
HighCap Securities Managing Director David Adonri emphasized the role of economic stability and corporate recovery following initial macroeconomic reform shocks. “There also appears to be a huge influx of foreign portfolio investors, which is evident in recent heavy oversubscription of public debts,” he stated.
The market’s strong performance reflects improving economic fundamentals and enhanced investor sentiment. Recent foreign participation increases demonstrate growing international confidence in Nigeria’s economic trajectory.
NGX Invest, a digital platform launched in 2024, has simplified public offering participation and played a central role in banking sector recapitalisation, facilitating over N2 trillion in capital raised.
Looking ahead, stronger macroeconomic fundamentals, rising foreign participation, and a healthy listing pipeline position Nigeria’s capital market for continued expansion. The market’s resilience and growth trajectory support Nigeria’s economic diversification objectives.
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