Nigeria Stock Market Hits Record in 2025, 17 NGX Companies Worth Over $1 Billion
In a stunning reversal of fortune, Nigeria’s stock market has delivered its strongest performance in decades. Between January and July 2025, the Nigerian Exchange (NGX) recorded an unprecedented surge in high-value equities, with 17 listed companies now valued at over $1 billion each. Their combined market capitalization reached $45.15 billion (₦69.98 trillion), up by $11.7 billion (₦18.2 trillion) in just seven months.
This rally marks the largest concentration of billion-dollar listings in the NGX’s history and signals a strong vote of confidence from both domestic and foreign investors.
Quick Facts: NGX Billion-Dollar Club 2025
- Billion-Dollar Companies: 17
- Combined Market Cap: ~$45.15 billion (₦69.98 trillion)
- Growth in 7 Months: +$11.7 billion (₦18.2 trillion)
- Largest Company: MTN Nigeria ₦9.91 trillion (~$6.4 billion)
- Capital Raised (H1 2025): ₦4.63 trillion via listed instruments
- Sectors Leading the Rally: Banking, Cement, Telecoms, Consumer Goods
Who’s in the Billion-Dollar Club?
New entrants in 2025 include UBA, Lafarge Africa, Nigerian Breweries, International Breweries, Stanbic IBTC, and Presco Plc.
They join established market giants like Airtel Africa, Dangote Cement, BUA Foods, MTN Nigeria, Seplat Energy, Geregu Power, Transcorp Power, Aradel Holdings, BUA Cement, GTCO, and Zenith Bank.
Why the NGX Rally Happened
- Undervalued Start: Many stocks began 2025 with low P/E ratios after years of market stagnation.
- FX Advantage: Naira depreciation boosted dollar valuations for NGX stocks.
- Sector Earnings Growth: Banks, cement, telecoms, and FMCG companies posted strong earnings.
- Capital Mobilisation: ₦4.63 trillion raised in H1 2025 increased liquidity and investor activity.
Top Performers in 2025
- MTN Nigeria: ₦9.91 trillion market cap , the NGX’s largest.
- Nigerian Breweries: Added ₦1.396 trillion in value (~$900 million).
- GTCO: Gained ₦1.485 trillion (~$958 million), buoyed by London listing.
- BUA Cement: Reached ₦4.57 trillion (~$2.95 billion).
- International Breweries: Crossed $1.49 billion after adding ₦1.388 trillion.
- Presco Plc: Surged past $1 billion with $694 million growth.
Impact & Outlook
For Investors:
- Local institutions are reallocating from low-yield bonds to equities.
- Foreign investors eye high returns but must weigh FX and liquidity risks.
For Policymakers:
- Stability in FX policy and investor-friendly regulations are crucial to sustain momentum.
- The goal: turn market cap gains into long-term economic growth.
For the NGX:
- More cross-listings and international offerings could expand investor pools.
- Watch Q3/Q4 earnings to see if valuations hold.
Bottom Line
The NGX’s 2025 rally is more than a market headline, it’s a signal of Nigeria’s economic resilience and capital market potential. Turning these billion-dollar valuations into tangible economic impact will be the next big challenge.
