The Nigerian capital market has demonstrated remarkable resilience and dynamism in 2025, driven by sustained reforms, deeper market participation, and robust corporate actions.
According to Dr. Umaru Kwairanga, Chairman of the Nigerian Exchange (NGX) Group, the market has made measurable progress toward its strategic vision of a globally competitive, inclusive, and innovation-driven capital market.
Market Performance
The NGX equities market sustained strong performance in 2025, with overall turnover more than doubling year-on-year. The All-Share Index (NGX-ASI) registered robust gains, placing the NGX among the top-performing African stock markets in 2025 with a near 49.17% increase as of December 24, 2025.
Total market capitalisation expanded to approximately ₦149.88 trillion, with equities contributing about 65.31% of overall capitalization.
Key Drivers
Dr. Kwairanga identified policy and regulatory reforms, realigning financial sector capitalisation, and enhanced retail and institutional participation as key drivers of the market’s performance in 2025.
He also noted that foreign participation remains modest, averaging roughly 20-21% of total turnover, with lingering macroeconomic uncertainty and policy ambiguity constraining foreign investor engagement.
Recommendations for 2026
Looking ahead to 2026, Dr. Kwairanga recommended that stakeholders, regulators, and market operators work together to deepen market resilience, international competitiveness, and inclusive growth.
He suggested embracing long-term investment frameworks, leveraging technology for engagement, and focusing on environmental, social, and governance (ESG) practices.
Strategic Priorities
Dr. Kwairanga outlined strategic priorities for 2026, including:
– Harmonizing policy frameworks to reduce volatility and uncertainty for foreign investors
– Enhancing regulatory clarity on key market levers
– Promoting product innovation to expand the investor base and risk-management tools
– Increasing market education and infrastructure investment
– Championing market integrity through high standards of transparency and enforcement
With a strong foundation laid in 2025, the market is expected to capture greater opportunities and build a deeper, more inclusive, and globally attractive capital market ecosystem.
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