The Nigerian Exchange (NGX) is enjoying a banner year in 2025, emerging as one of Africa’s top-performing markets with a 37.25% surge in its All-Share Index by August 1. This rally has unlocked N26.61 trillion in capital gains, boosting total market capitalization from N62.76 trillion to N89.37 trillion since January.
In dollar terms, the exchange has appreciated by $17.4 billion, growing from $41.84 billion at the start of the year to $58.4 billion — based on an exchange rate of N1,530/$ as of August 1.
A key highlight of this bullish run is the sharp rise in billion-dollar companies listed on the NGX. The number of firms with $1 billion+ valuations has nearly doubled, jumping from 10 at the end of 2024 to 18 as of August 1, 2025.
MTN Nigeria leads the charge, topping N10 trillion in market capitalization with a year-to-date gain of 140%. Dangote Cement, BUA Foods, and Airtel Africa all follow closely with market values above $5 billion.
BUA Cement and GTCO Holdings also delivered impressive gains, appreciating by 59% and 119% respectively. Zenith Bank, Nigerian Breweries, and International Breweries joined the billion-dollar club after seeing their market caps more than double in 2025.
Some companies, however, experienced setbacks. Seplat Energy, Geregu Power, Transcorp Power, and Aradel Holdings posted year-to-date declines despite maintaining billion-dollar valuations.
Among the most remarkable performers is Presco Plc, which posted a 226% year-to-date surge, raising its market capitalization to over $1 billion.
The current wave of investor enthusiasm is reshaping Nigeria’s equities landscape, with strong growth in financials, telecom, cement, and energy sectors, positioning the NGX as a standout market on the continent.
