Banks Dominate as NGX Companies Spend ₦628bn on Technology in 2025 Amid Digital Race
Listed companies on the Nigerian Exchange poured massive resources into technology in 2025, spending a combined ₦628.1 billion on IT-related infrastructure, software systems, cybersecurity, and digital platforms. The figure highlights how rapidly Nigerian corporates are shifting toward digital-first operations in an increasingly competitive financial and industrial landscape.
A striking pattern in the data shows that banks continue to dominate technology spending, accounting for eight of the top 10 highest spenders. This reflects the intense competition in Nigeria’s financial sector, where digital banking platforms, mobile apps, cybersecurity systems, and transaction speed have become key battlegrounds for customer acquisition and retention.
The research, compiled from audited financial statements by Nairametrics Research, shows that technology expenditure is typically classified differently across companies depending on accounting structures. While financial institutions report gross earnings, non-bank firms are assessed using revenue, ensuring fair comparison across sectors despite differing financial models.
One of the standout industrial players on the list is Lafarge Africa Plc, which recorded ₦6.89 billion in technology expenditure in 2025, a sharp 263.43% increase from the previous year. The company, Lafarge Africa Plc, also reported strong financial growth, with revenue hitting ₦1.07 trillion and profit after tax rising significantly, underscoring how digital investment is increasingly tied to operational efficiency and profitability.
Overall, the data signals a clear direction: Nigerian listed firms are accelerating digital transformation to remain competitive, with banks leading the charge and other sectors gradually catching up. As technology spending continues to rise year-on-year, it is becoming a core driver of growth, efficiency, and customer experience across Nigeria’s capital market ecosystem.
source: nairametrics