As Nigeria marks its 65th year of independence this Wednesday, equity investors in the nation’s capital market have witnessed a remarkable gain of N33.3 trillion since last year’s celebration.
An in-depth review of the equities market over the past year shows that the All-Share Index (ASI), which reflects the overall performance of all listed stocks on the Nigerian Exchange (NGX), surged by 44.21%, closing at 142,133.03 points on September 26, 2025, up from 98,558.79 points recorded on September 30, 2024.
Market capitalization also experienced a significant boost, rising by N33.325 trillion to reach N89.960 trillion as of September 26, 2025, compared to N56.635 trillion at the start of trading on October 2, 2024.
This growth underscores the Nigerian stock market’s exceptional resilience, highlighted by record turnover volumes and a growing base of domestic investors.
Ranked among Africa’s top-performing exchanges, the Nigerian stock market’s upward trajectory has been fueled by strong earnings reports from key companies and heightened buying interest. This momentum has propelled the index to new heights, signaling sustained investor confidence and broad market enthusiasm.
Tracing its origins back over six decades, the Nigerian Exchange began as the Lagos Stock Exchange in 1960, established to facilitate securities trading within the country.
In 1991, it was renamed the Nigerian Stock Exchange (NSE) to reflect its expanding role in the national economy. More recently, in 2021, the exchange rebranded as the Nigerian Exchange (NGX) Group, marking its transformation into a diversified multi-asset trading platform.
Throughout its evolution, the NGX has been instrumental in driving Nigeria’s economic growth by providing companies with access to capital and enabling investors to trade securities efficiently.
Commenting on the market’s performance, David Adonri, Managing Director of HighCap Securities Limited, emphasized the “remarkable growth of over 37% in the equities market from October last year to this September.”
He highlighted that this robust environment is characterized by increased trading volumes and values, alongside a notable rise in foreign investor participation over the past twelve months.
Adonri further noted that “the capital market has seen heightened activity, particularly with new bank listings that have injected fresh dynamism into the market.”
Reflecting on the market’s history, he explained that the exchange initially focused on debt instruments when it launched in 1960, with equities playing a minor role. “The shift toward equities gained momentum in the 1970s, especially after the first unionization exercise in 1972, which encouraged foreign companies to list their shares. This pivotal change gradually shifted the market’s focus toward equities, a trend reinforced by further unionization in 1978.”
He added that as the federal government reduced public debt issuance due to rising oil revenues, the market’s structure evolved. “By 2000, government debt instruments re-entered the market but did not overshadow equities, which now dominate market capitalization.”
Adonri pointed out that between 1997 and 2007, the market experienced a decade of expansion, peaking in March 2008 before a downturn. However, subsequent macroeconomic reforms sparked a recovery, culminating in what is now referred to as the “Tinubu Boom,” a period of renewed market vitality since President Bola Tinubu assumed office in 2023.
Although the intensity of this boom has tempered compared to its initial phase, the market remains stable and continues to deliver solid performance.
Looking forward, Adonri stressed the importance of government efforts to maintain this positive momentum. “Sustained macroeconomic reforms will be critical to driving future growth. The market’s infrastructure and operational efficiency are strong, fostering investor confidence. Continued policy support is essential to create an enabling environment for investors.”
He also emphasized the need for a diverse range of financial instruments. “Policies that encourage qualified companies to list their securities will enhance market depth and stability.”
Meanwhile, Sola Oni, CEO of Sofunix Investment and Communications, observed, “While the Nigerian capital market has endured challenges, it has yet to fully realize its potential. Structurally, it has matured significantly. Unlike the past when the Nigerian Stock Exchange (now NGX) held a monopoly, today’s ecosystem includes the Lagos Commodities and Futures Exchange (LCFE), FMDQ Plc, NASD Plc, and other platforms.”
“Regulatory frameworks have improved considerably, but economically, the market remains underleveraged in financing development and supporting the real sector. The capital market should no longer be peripheral; it must become central to Nigeria’s economic strategy.”
Afrinvest Limited noted that after delivering an impressive 31.3% return in 2024, which ranked the Nigerian equities market among Africa’s best performers, investors entered 2025 with heightened optimism.
