The Nigerian stock market experienced significant growth in the first half of 2025, a performance attributed by Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), to a deliberate focus on structural reforms and strong regulatory engagement.
The first half of 2025 showed strong momentum across various asset classes. The total market capitalization of instruments listed on the NGX increased by 16%, rising from N112.60 trillion in January to N126.73 trillion by June. This growth was primarily driven by equities, which saw an increase from N62.76 trillion to N75.95 trillion. Fixed income remained stable at N50.56 trillion, and Exchange Traded Funds (ETFs) gained traction among retail investors, growing to N25.79 billion.
According to a statement from the NGX on Wednesday, Mr. Popoola committing on the performance, said, “We have worked closely with the Securities and Exchange Commission to enhance market transparency, drive product diversification, and strengthen investor protections. Our aim is to build a market that competes globally while remaining inclusive and resilient.”
NGX Group, which includes Nigerian Exchange Limited (NGX), NGX Regulation (NGX RegCo), and NGX Real Estate (NGX RelCo), has adopted a multi-layered approach to market development. The Group is strategically positioned to support Nigeria’s economic ambitions through a more efficient and accessible capital market by championing product innovation, advocating for favorable policies, and reinforcing investor confidence.
Over N4.63 trillion in capital was raised through the exchange in the first half of 2025, encompassing both corporate and sovereign instruments.
This capital has been crucial in financing infrastructure, supporting enterprise growth, and spurring innovation. Part of this success is linked to strategic initiatives launched in 2024, such as NGX Invest. This digital platform was created to simplify participation in public offerings. Since its introduction, NGX Invest has expanded access to primary market instruments and played a central role in the ongoing banking sector recapitalization, facilitating over N2 trillion in capital raised.
David Adonri, Vice Chairman of Equity Capital Solution Limited, observed, “The equities market appreciated by 16.6 per cent in the first half, with Q2 alone contributing 13.6 per cent. Stabilising interest rates and foreign exchange conditions have restored investor confidence, particularly among foreign portfolio investors.”
Sectoral performance further underscored the overall market optimism. The NGX Consumer Goods Index advanced by 51.21%, while the NGX Pension and Banking indices rose by 19.32% and 18.06%, respectively, indicating resilience across key sectors.
