As of February 16, 2026, Nigeria’s healthcare sector on the Nigerian Exchange (NGX) is celebrating a historic year. In 2025, the sector’s cumulative market capitalization skyrocketed to ₦466.73 billion, representing a staggering 220.9% increase from the ₦145.4 billion recorded at the end of 2024.
While the healthcare sector still accounts for a modest 0.47% of the broader market (which is currently valued at over ₦110 trillion in early 2026), its explosive growth has outperformed almost every other sector on a percentage basis.
1. The Billion-Naira Heavyweights
The rally in 2025 was primarily driven by four pharmaceutical giants that delivered returns exceeding 100%. These companies successfully navigated the “Naira-exit” of several multinational drugmakers by capturing their lost market share through domestic production.
2. The Outliers: Stagnation vs. Growth
Not all health stocks shared the spotlight. The data reveals a sharp divide between active manufacturers and companies struggling with compliance or market liquidity.
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Morison Industries: Ranked 5th with a market cap of ₦5.09 billion. Despite being a laggard compared to the “Big Four,” it still delivered a respectable 28.4% gain in 2025.
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Pharma-Deko Plc (₦396.7 Million): Currently ranked 9th, this company remains a cautionary tale. Its shares have been frozen at ₦1.83 since July 2023 due to its failure to file audited financial results. With 216.8 million shares outstanding, its value remained entirely flat throughout the 2025 bull run.
3. Why 2025 was the “Year of Pharma”
Analysts attribute this sector-wide rally to several fundamental factors:
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The “Domestic Shift”: Following the exit of several international pharmaceutical giants, local firms with strong manufacturing footprints (like Fidson and MeCure) absorbed the unmet demand.
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Presidential Executive Order: The 2024 Executive Order granting zero tariffs on pharmaceutical raw materials and machinery began showing full results on company balance sheets in 2025.
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Pricing Power: Unlike many other sectors, pharmaceutical demand is “inelastic.” Companies were able to pass on inflationary costs to consumers, maintaining healthy margins.
4. NGX Market Context (Feb 2026)
The broader Nigerian market has continued its bullish streak into February 2026.
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ASI Momentum: The NGX All-Share Index (ASI) leaped above 170,000 basis points in the first week of February.
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Market Cap: The total market value hit ₦110.23 trillion on February 6, 2026, driven by banking and oil & gas gains.
“The millionaires of 2025 were minted by identifying companies that converted the zero-tariff executive order into immediate factory-floor expansion. The narrative is no longer about who can fill the gap, but who can sustain the output.” — NGX Sector Report, 2026.
