The Nigerian Exchange Group (NGX) recorded a total market capitalisation of ₦126.73 trillion at the end of the first half of 2025, representing a 16 per cent increase from ₦112.60 trillion in January.
The NGX Group, in a statement on Wednesday, attributed the rise primarily to a surge in equities, which grew from ₦62.76 trillion to ₦75.95 trillion within the six-month period. Fixed income instruments remained steady at ₦50.56 trillion, while exchange-traded funds (ETFs) rose to ₦25.79 billion, buoyed by growing retail investor interest.
The Group Managing Director and Chief Executive Officer, Temi Popoola, said the exchange’s performance reflected targeted structural reforms and closer collaboration with regulators.
“We have worked closely with the Securities and Exchange Commission to enhance market transparency, drive product diversification, and strengthen investor protections,” Popoola stated.
In terms of capital mobilisation, over ₦4.63 trillion was raised across corporate and sovereign offerings on the NGX in the first half of the year. According to the group, this capital supported infrastructure projects, business expansion, and innovation financing.
Popoola also noted that the launch of NGX Invest, a digital platform introduced in 2024, contributed significantly to primary market activity. Since its introduction, the platform has been instrumental in the ongoing banking sector recapitalisation, helping raise over ₦2 trillion.
Equity Capital Solution Limited Vice Chairman, David Adonri, observed that the equities market appreciated by 16.6 per cent in the first six months of 2025, with the second quarter alone accounting for 13.6 per cent of that growth. He attributed the trend to improved interest rate stability and a more predictable foreign exchange environment, which helped restore investor confidence, especially among foreign portfolio investors.
Sector-specific indices also reflected the market’s positive performance. The NGX Consumer Goods Index rose by 51.21 per cent, while the NGX Pension and NGX Banking indices advanced by 19.32 per cent and 18.06 per cent, respectively.
The NGX Group is also pursuing regional integration through its investment in the Ethiopian Securities Exchange (ESX), while discussions are ongoing with the Shanghai and Hong Kong Stock Exchanges on dual listings and cross-border liquidity frameworks.
“Our outlook is continental and global,” Popoola said. “We’re focused on removing friction in capital flow across borders.”
The NGX All-Share Index reached an all-time high of 126,149.57 points on July 11, underscoring ongoing investor interest. With macroeconomic conditions improving and foreign participation increasing, the Group said it expects continued momentum in the second half of the year.
