The first half of 2025 recorded strong momentum across multiple asset classes, with total market capitalisation of NGX-listed instruments rising by 16 per cent, from ₦112.60 trillion in January to ₦126.73 trillion by June.
A statement by the Nigerian Exchange Group (NGX Group) on Wednesday said the growth was largely driven by equities, which increased from ₦62.76 trillion to ₦75.95 trillion.
Fixed income remained stable at ₦50.56 trillion, while ETFs gained traction among retail investors, rising to ₦25.79 billion.
Speaking on the performance, Group Managing Director and Chief Executive Officer of the NGX Group, Temi Popoola, attributed the impressive performance of the nation’s stock market in the first half of 2025 to a deliberate focus on structural reforms and strong regulatory engagement.
Popoola said: “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.”
NGX Group comprises the Nigerian Exchange Limited (NGX), NGX Regulation (NGX RegCo), and the NGX Real Estate (NGX RelCo).
Over ₦4.63 trillion in capital was raised in H1 2025 through the exchange, spanning corporate and sovereign instruments. This capital played a key role in financing infrastructure, supporting enterprise growth, and spurring innovation.
Part of this traction can be traced to strategic initiatives introduced in 2024, including the launch of NGX Invest, a digital platform created to simplify participation in public offerings.
Since its rollout, NGX Invest has expanded access to primary market instruments and played a central role in the ongoing banking sector recapitalisation, facilitating over ₦2 trillion in capital raised.
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Commenting, Vice Chairman of Equity Capital Solution Limited, David Adonri, noted: “The equities market appreciated by 16.6 per cent in the first half, with Q2 alone contributing 13.6 per cent. Stabilising interest rates and foreign exchange conditions have restored investor confidence, particularly among foreign portfolio investors.”
Sectoral performance reinforced the overall market optimism. The NGX Consumer Goods Index advanced by 51.21 per cent, while the NGX Pension and Banking indices rose by 19.32 per cent and 18.06 per cent, respectively, indicating resilience across key sectors.
Beyond Nigeria, NGX Group is actively extending its footprint. Its investment in the Ethiopian Securities Exchange (ESX) marks a strategic push toward regional capital market integration. Simultaneously, ongoing engagements with the Shanghai and Hong Kong Stock Exchanges on dual listings and liquidity frameworks aim to connect Nigerian companies with deeper global pools of capital.
“Our outlook is continental and global. We’re focused on removing friction in capital flow across borders,” Popoola added.
With a strong first-half performance, deepened regulatory collaboration, and expanding global partnerships, NGX Group said it continues to shape the direction of Nigeria’s financial markets.
As Popoola puts it: “This is about more than growth. It’s about building the architecture for the future of African finance.”
With the second half of 2025 already in motion, the NGX All-Share Index reached a record high of 126,149.57 points on Friday, July 11, underscoring sustained investor confidence.
Backed by stronger macroeconomic fundamentals, rising foreign participation, and a healthy pipeline of listings, Nigeria’s capital market is poised for continued expansion, he said.
