Investors in the Nigerian capital market have added a staggering ₦13.1 trillion in equity value within the first half of 2025, following a sustained market rally powered by sweeping economic reforms and renewed investor optimism.
Data from the Nigerian Exchange (NGX) shows market capitalisation rose from ₦62.76 trillion at the end of December 2024 to ₦75.86 trillion as of June 30, 2025 — reflecting a 20.89% growth Year-to-Date (YTD). The NGX All-Share Index also recorded a 17.1% increase, climbing from 102,926.4 points to 119,839.1 points.
Market analysts say the bullish performance is largely linked to recent monetary and fiscal interventions, particularly those introduced by the Central Bank of Nigeria (CBN). The unification of exchange rates and improved foreign exchange liquidity have restored confidence in the Nigerian financial ecosystem.
“With the resolution of previously trapped foreign investor funds and stronger macroeconomic fundamentals, we’re witnessing increased institutional participation,” said David Adonri, Vice President of Highcap Securities Limited.
“If policy consistency is maintained, Nigeria could reassert itself as a dominant force in emerging markets.”
Blue-Chip Stocks, Banking Sector Lead the Charge
Several key equities have driven market performance in the first half of the year. MTN Nigeria shares rose from ₦242 in January to ₦357.50 by the end of June. Honeywell Flour Mills saw its stock double in value from ₦10 to ₦21.20, while Caverton shares jumped from ₦2.38 to ₦5.22.
Banking stocks also recorded strong momentum, with Guaranty Trust Holding Company and Stanbic IBTC edging close to the ₦100-per-share mark — an important psychological and investment milestone.
Market participants, including leading billionaires like Aliko Dangote and Tony Elumelu, are among those benefiting from the market surge, as gains in telecoms, banking, and manufacturing stocks continue to fuel broad-based investor wealth.
Cautious Optimism Amid Record Gains
June alone accounted for ₦5.5 trillion of the total growth in capitalisation, indicating heightened activity and strong investor appetite. However, the rally triggered a wave of profit-taking toward the end of the month, particularly on Thursday, June 26, when many investors cashed in on gains, slightly pulling down the market cap.
Despite this, analysts maintain a cautiously optimistic outlook for the rest of the year, with expectations that ongoing policy momentum could sustain the current trajectory and attract more foreign capital.