NGX Market Capitalisation Soars to N140.6 Trillion in September 2025, Boosted by Economic Reforms and Investor Confidence
Nigeria’s stock market surged to a record N140.6 trillion in September 2025, signaling renewed investor confidence in the nation’s capital markets. Data from the Nigerian Exchange Limited (NGX) shows that equities dominated the performance, accounting for N90.40 trillion or 64.3% of total market capitalisation, while the debt market contributed N50.14 trillion. This remarkable growth reflects the impact of ongoing macroeconomic reforms, stable policy direction, and stronger corporate results that continue to attract both domestic and foreign investors.
The rally marks a major rebound for the equities market, which has expanded by N27.63 trillion year-to-date, rising from N62.77 trillion at the close of 2024. Analysts attribute this strong momentum to several policy shifts, including the Central Bank of Nigeria’s (CBN) foreign exchange reforms, improved liquidity, the ongoing banking sector recapitalisation, and the passage of the Nigerian Insurance Industry Reform Act (NIIRA 2025), a policy that has sparked renewed interest in insurance stocks. The debt market also advanced by N3.68 trillion within nine months, underscoring deepening investor participation across asset classes.
At the forefront of the market’s growth are the heavyweight stocks driving capitalisation. BUA Foods Plc emerged as the biggest gainer, with its share price closing at N629.70, pushing its valuation to N11.33 trillion, about 12.5% of total equities capitalisation. It was closely followed by MTN Nigeria Communications Plc (N8.88 trillion) and Dangote Cement Plc (N8.86 trillion). Together, these three blue-chip companies account for nearly one-third of the NGX’s total equity value, solidifying their dominance in Nigeria’s corporate landscape.
Commenting on the market’s performance, Temi Popoola, Group Managing Director and CEO of NGX Group, described the growth as a testament to Nigeria’s ongoing market reforms and investor-focused policies. “We have worked closely with the Securities and Exchange Commission (SEC) to promote transparency, strengthen investor protections, and drive innovation in listings and product development,” Popoola said. He emphasized that the goal remains to create a globally competitive and inclusive capital market capable of financing Nigeria’s long-term growth.
Experts project that the NGX equities market could surpass the N100 trillion mark by year-end if economic stability continues. According to Kasimu Garba Kurfi, CEO of APT Securities and Funds Limited, the elimination of foreign exchange losses and improved macroeconomic indicators—such as inflation easing to 20.12% and stronger GDP growth forecasts—have further boosted investor optimism. With corporate earnings surging, CBN’s FX backlog clearance, and a more stable naira, Nigeria’s stock market is now positioned among Africa’s top-performing exchanges in 2025, reflecting both resilience and reform-driven recovery.
source: arise