Investors in Nigerian equities closed 2025 with a net capital gain of ₦32.13 trillion, reinforcing Nigeria’s position as one of the top five best-performing stock markets globally.

Data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) recorded a full-year return of 51.19 percent, translating to the ₦32.13 trillion gain in investor wealth.

The Nigerian market outperformed several advanced and emerging markets, including the United States, United Kingdom, Germany, France, and China, where average indexed returns remained below 25 percent. In comparison, the MSCI All Country World Index, which tracks large-cap stocks across developed and emerging markets, closed 2025 with an average return of about 20 percent.

The ASI closed the year at 155,613.03 points, up from its opening level of 102,926.40 points. Market capitalisation rose from ₦62.76 trillion at the beginning of the year to ₦99.38 trillion, representing an increase of 58.34 percent or ₦36.61 trillion. The difference between index growth and market value was attributed to additional listings recorded during the year.

Group Managing Director of the Nigerian Exchange Group, Mr. Temi Popoola, said the sustained rally reflected strong investor confidence in Nigeria’s macroeconomic outlook.

According to him, the capital market demonstrated resilience despite domestic and global economic challenges, underscoring the role of policy consistency, economic reforms, and strategic collaboration in sustaining growth. He added that NGX’s investments in technology helped expand market access, enhance transparency, and improve operational efficiency.

Popoola said the Exchange would continue to deepen partnerships with regulators, issuers, policymakers, and other market stakeholders to maintain momentum and position the Nigerian capital market as a major driver of economic growth and wealth creation.

Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Sehinde Adenagbe, attributed the market’s performance to economic reforms under the current administration, noting that the ASI rose by about 136 percent between 2023 and 2025.

He highlighted improved liquidity, increased local and foreign participation, and the digitisation of market processes, which has made it easier for younger investors to participate through fintech platforms supported by NGX.

Adenagbe also cited the enactment of the Investment and Securities Act (ISA) 2025, Nigeria’s removal from the Financial Action Task Force (FATF) grey list, and reforms in the foreign exchange market as key factors boosting investor confidence.

Managing Director of GTI Capital, Mr. Kehinde Hassan, said the market’s strong showing reflected investor optimism about Nigeria’s economic outlook, noting that stock markets often serve as a barometer of a country’s global economic standing.

The 51.19 percent return recorded in 2025 marked the sixth consecutive year of positive performance for the Nigerian equities market, underscoring its growing appeal to both domestic and international investors.