Nigeria’s capital market posted robust growth in the first half of 2025, with the total market capitalisation of Nigerian Exchange (NGX) listed instruments rising by 16 per cent from ₦112.60 trillion in January to ₦126.73 trillion by the end of June.
In a statement released on Wednesday, the Nigerian Exchange Group (NGX Group) attributed much of the momentum to a strong rally in equities, which climbed from ₦62.76 trillion to ₦75.95 trillion over the six-month period.
The fixed income market held steady at ₦50.56 trillion, while Exchange-Traded Funds (ETFs) gained popularity among retail investors, with total value climbing to ₦25.79 billion reflecting growing diversification in investment behaviour.
Commenting on the market’s performance, Temi Popoola, Group Managing Director and CEO of NGX Group, said the positive trend was the result of deliberate structural reforms and enhanced regulatory collaboration.
“We have worked closely with the Securities and Exchange Commission to improve transparency, expand product offerings, and protect investors. Our goal is to build a globally competitive market that remains inclusive and resilient,” Popoola said.
NGX Group encompasses three key entities: Nigerian Exchange Limited (NGX), NGX Regulation (NGX RegCo), and NGX Real Estate (NGX RelCo).
Capital formation also saw a boost during the period, with over ₦4.63 trillion raised via the Exchange. The funds spanned both corporate and sovereign instruments, channelled toward infrastructure, enterprise development, and innovation-led projects.
Much of this activity is tied to strategic platforms launched in 2024, such as NGX Invest, a digital solution designed to streamline access to public offerings. Since its launch, NGX Invest has widened participation in primary markets and has been pivotal in the banking sector’s recapitalisation drive, facilitating more than ₦2 trillion in capital raised so far.
Vice Chairman of Equity Capital Solution Limited, David Adonri, offered a breakdown of market performance, noting that equities appreciated by 16.6 per cent in the first half of the year, with 13.6 per cent of that growth recorded in Q2 alone. According to him, stabilising interest rates and improved foreign exchange dynamics have revived investor sentiment, especially among foreign portfolio investors.
Sectoral indices also reflected broad market resilience. The NGX Consumer Goods Index surged by 51.21 per cent, while the NGX Pension Index and NGX Banking Index rose by 19.32 per cent and 18.06 per cent, respectively underscoring strength across critical sectors.
Beyond domestic performance, NGX Group is strengthening its regional and international presence. Its recent investment in the Ethiopian Securities Exchange (ESX) marks a strategic move toward pan-African capital market integration. Concurrently, the group is in discussions with the Shanghai and Hong Kong Stock Exchanges on dual listings and liquidity enhancement frameworks, aimed at providing Nigerian corporates with greater access to global capital.
“Our outlook is both continental and international,” Popoola noted. “We are committed to eliminating barriers that restrict the flow of capital across borders.”
With the second half of the year already underway, investor optimism remains high. On Friday, July 11, the NGX All-Share Index closed at a record 126,149.57 points, reinforcing the positive market sentiment.
Popoola concluded that Nigeria’s capital market remains well-positioned for sustained growth, supported by improved macroeconomic conditions, rising foreign investor interest, and a strong pipeline of listings.
“This is about more than just numbers. We’re laying the foundation for the future of finance across Africa,” he said.
