By Ayomide Otitoju
The Nigerian Exchange Group (NGX Group) reported a strong performance across asset classes in the first half of 2025, with total market capitalisation rising by 16 per cent from ₦112.60 trillion in January to ₦126.73 trillion by the end of June.
In a statement released on Wednesday, NGX Group attributed the growth largely to equities, which surged from ₦62.76 trillion to ₦75.95 trillion. The fixed income market remained steady at ₦50.56 trillion, while Exchange Traded Funds (ETFs) saw increased interest from retail investors, rising to ₦25.79 billion.
Commenting on the performance, NGX Group Managing Director and Chief Executive Officer, Temi Popoola, credited the robust growth to structural reforms and strengthened regulatory collaboration.
“We have worked closely with the Securities and Exchange Commission to enhance transparency, diversify our product offerings, and improve investor protection. Our goal is to create a globally competitive yet inclusive market,” Popoola said.
During the period under review, over ₦4.63 trillion in capital was raised through the Exchange, including corporate and sovereign issuances. These funds were instrumental in financing infrastructure, driving enterprise growth, and supporting innovation.
Much of this traction was linked to strategic initiatives launched in 2024, such as NGX Invest — a digital platform designed to simplify participation in public offerings. Since its introduction, the platform has broadened retail access to primary market instruments and played a significant role in the ongoing banking sector recapitalisation, helping raise over ₦2 trillion.
Vice Chairman of Equity Capital Solution Limited, David Adonri, highlighted improving macroeconomic conditions as another key driver.
“The equities market rose by 16.6 per cent in the first half, with Q2 alone accounting for 13.6 per cent. Stabilising interest rates and foreign exchange conditions have boosted investor confidence, particularly among foreign portfolio investors,” Adonri said.
Sectoral indices also showed strong performance. The NGX Consumer Goods Index climbed 51.21 per cent, while the NGX Pension and Banking indices advanced 19.32 per cent and 18.06 per cent respectively, reflecting resilience across key sectors.
Beyond domestic achievements, NGX Group is expanding its regional and global footprint. The Exchange’s investment in the Ethiopian Securities Exchange (ESX) underscores its commitment to regional integration, while ongoing discussions with the Shanghai and Hong Kong Stock Exchanges aim to facilitate dual listings and deepen global liquidity access.
“Our outlook is both continental and global. We are working to eliminate barriers to capital flow across borders,” Popoola added.
The NGX All-Share Index reached an all-time high of 126,149.57 points on Friday, July 11, further reinforcing investor optimism. Backed by improved macroeconomic fundamentals, rising foreign participation, and a healthy pipeline of listings, the NGX Group said Nigeria’s capital market is poised for sustained expansion.
“This is not just about growth. It’s about building the financial architecture of Africa’s future,” Popoola said.
