The Nigerian Exchange (NGX) is making headlines as one of Africa’s top-performing stock markets in 2025, with the All-Share Index (ASI) rocketing by 37.25% as of August 1. This remarkable rally has unlocked a staggering ₦26.61 trillion in capital gains, pushing the total market capitalization from ₦62.76 trillion at the start of the year to ₦89.37 trillion.
In dollar terms, the bourse has added $17.4 billion, climbing from $41.84 billion to $58.4 billion in just seven months.
One of the most striking outcomes of this market boom is the sharp increase in billion-dollar companies. At the close of 2024, only 10 companies on the NGX held market caps above $1 billion. By August 1, that number had almost doubled to 18, cementing Nigeria’s capital market as a magnet for investors.
Biggest Winners of the Rally
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MTN Nigeria – $6.6B
Telco giant MTN Nigeria crossed the ₦10 trillion valuation mark after its share price surged to a record ₦480. This represents a 140% gain in 2025, making it one of the year’s standout performers. -
Dangote Cement – $5.8B
Africa’s largest cement producer posted modest but solid growth, with a 9% rise in market cap since January, moving from ₦8.2 trillion to ₦8.9 trillion. -
BUA Foods – $5.7B
Nigeria’s biggest consumer goods stock appreciated 16% in 2025, returning about $700 million in shareholder value. -
Airtel Africa – $5.7B
The telecom operator gained 7% this year, closing the gap with BUA Foods’ valuation. -
BUA Cement – $3.3B
The company’s 59% surge in share price boosted billionaire Abdulsamad Rabiu’s wealth significantly.
Notable Financial & Energy Players
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GTCO Holdings – $2.4B (up 119%)
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Zenith Bank – $2.1B (up 120%)
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UBA – $1.3B (up 74%)
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Stanbic IBTC – $1.05B (up 115%)
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Seplat Energy – $2.1B (slight dip)
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Geregu Power – $1.9B (slight dip)
Rising Stars in Non-Banking Sectors
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Lafarge Africa – $1.6B (up 113%)
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Nigerian Breweries – $1.5B (up 138%)
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International Breweries – $1.5B (up 149%)
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Presco Plc – $1.01B (massive 226% gain)
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Transcorp Hotels – $1B (up 29%)
The surge in valuations reflects not only investor optimism but also the resilience of Nigerian corporates amid economic headwinds. Analysts suggest that continued policy reforms, stable forex rates, and strong earnings reports could keep the momentum alive — potentially bringing more firms into the billion-dollar club before the year ends.
