• Nigeria stock market posts record 36.6 trillion naira capitalisation gain in 2025

• All-Share Index jumps 51%, driven by earnings, dividends, FX clarity

• Foreign inflows rebound; market records first net inflow in three years

Nigeria's stock market posted a record annual increase in market capitalisation in 2025, data from the Nigerian Exchange (NGX) showed.

Market capitalisation rose by 36.62 trillion naira ($25.3 billion) over the year to 99.4 trillion naira ($68.6 billion) as of December. The benchmark NGX All-Share Index surged 51.19%, following a solid 37.65% gain in 2024.

The performance came amid a difficult economic backdrop, with the naira unstable in the first half of the year before stabilising later on, alongside high inflation and prolonged monetary tightening.

After an initially cautious start to the year, investors who had favoured high-yield fixed-income assets gradually returned to equities. The rally was driven by strong corporate results, dividend announcements, improved clarity in the foreign exchange market and share buybacks in undervalued stocks.

Local investors continued to dominate trading activity, accounting for more than 83% of transactions. Foreign participation recovered but remained below historical levels.

International portfolio flows rose sharply, with inflows jumping 182% to 1.1 trillion naira, while outflows increased to 909.6 billion naira. The market recorded a net positive balance of about 208 billion naira, its first in three years.

Several major corporate transactions marked the year, including TotalEnergies' sale of its stake in the Bonga oil field to Shell, UACN's acquisition of CHI Limited, the listing of Legend Plc and the ongoing buyout of Guinness Nigeria by the Tolaram group. Several companies also delisted.

NGX Group Chairman Umaru Kwairanga said the performance reflected the impact of economic reforms and corporate decisions. NGX Chief Executive Temi Popoola pointed to market resilience and the growing role of technological modernisation.

The key question for 2026 is whether the momentum can be sustained if inflationary pressures and macroeconomic fragilities persist. For now, investors appear to be betting on continued reforms and a more stable environment. Official policy guidance from Abuja appears to support that view.

Fiacre E. Kakpo