Business

2025: Investors gain N35.72trn as reforms fuel stock market surge

Published

6 months ago

January 1, 2026

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SEC

•Market capitalisation nearly N100trn in value

•Foreign portfolio transactions up 178.8% YoY in 11months

By Peter Egwuatu, Assistant Business Editor

After years of volatility driven by macroeconomic instability, foreign exchange distortions and policy ambiguity, the Nigerian capital market staged a powerful comeback that was anchored on reforms translating to wealth, confidence rebuilding, and renewed domestic and foreign participation.

By year-end 2025, the Nigerian Exchange Limited (NGX) had not only delivered strong returns of 51.2% but also undergone deep structural transformation.

A market that defied caution.

In 2025, the Nigerian stock market staged one of its strongest rallies in recent history, driven by renewed investor confidence, macroeconomic stabilization, improving foreign exchange conditions, rising foreign participation, and robust corporate earnings.

Although trading sentiment softened slightly toward the final weeks of the year, overall performance remained firmly bullish. Returns on the NGX placed Nigeria among the better-performing emerging markets globally in 2025, underscoring the scale of the turnaround.

Market capitalisation nearly N100 trn in value

The most visible sign of the rally was the surge in market value. Total market capitalization, which represents the total value of listed equities on the NGX, climbed to approximately N99.376 trillion, from N62.763 trillion at the beginning of the year, a 58.4% or N36.613 trillion Year-on-Year (YoY) increase.

For many investors, this translated into a rare combination: capital appreciation, renewed liquidity, and confidence that reforms were finally working.

Similarly, the NGX All-Share Index, ASI, the market’s primary performance gauge, rose from 102,926.40 points at the start of 2025 to 155,613 points at the close of trading on Wednesday, December 31, 2025, also representing a 51.2 % YoY gain.For many investors, this translated into a rare combination: capital appreciation, renewed liquidity, and confidence that reforms were finally working.How the rally built up The market’s ascent was not sudden, but steady and sustained. First quarter 2025, Q1’25: Between January and March, the market posted modest growth, with market capitalisation increasing by N3.5 trillion and the ASI gaining 2.7%.First Half (H1 2025): By the end of June, total market value had expanded by N13.2 trillion, while the ASI was up 16.5% relative to end-2024.Nine-month performance: By September, investor returns had grown by 38%, with market capitalisation adding N27.8 trillion since January.Taken together, 2025 ranked as one of the most bullish years for the Nigerian stock market, with returns consistently outperforming many global peers.Sectoral performanceSeveral sectors recorded strong gains. Consumer Goods, Banking, Insurance and Industrial Goods. These sectors posted robust index growth, particularly in the first half of the year.The oil and gas sector, however, was an exception, trending downward due to sector-specific pressures.What drove the market in 2025?

Macroeconomic stabilisation-Improved foreign exchange stability and macroeconomic policy reforms eased earlier distortions, restoring confidence among both domestic and foreign investors.A key catalyst was the Central Bank of Nigeria’s (CBN) first interest-rate cut in years, which reduced financing costs and encouraged capital inflows into risk assets.Investor participation and Foreign Portfolio InvestmentThe foreign capital returns also helped to boost the market. Foreign Portfolio Investment (FPI) surged, particularly in the first eight months of the year. FPI inflows increased significantly YoY, accounting for over 20.7% of total market activity. By 11 months of 2025, total foreign portfolio transactions stood at N2.19 trillion, a 178.8% YoY increase. Foreign inflows reached N1.12 trillion, up from N370 billion in 2024. Outflows rose to N1.009 trillion, from N415.13 billion the previous year. Foreign investors accounted for 21.6% of total market transactions, up from 17.6% in 2024, while domestic investors still dominated with 78.2%. Domestic investors remained highly active, sustaining trading volumes and market momentum. Corporate earnings, listings and capital raising Strong earnings by banks and major corporates underpinned equity valuations, while capital-raising activities strengthened balance sheets.New listings and introduction listings added depth and liquidity, reinforcing the market’s growth narrative.The rules that changed the gameInvestments and Securities Act (ISA) 2025. The most transformative development of 2025 was the replacement of the ISA 2007 with the ISA 2025, fundamentally reshaping Nigeria’s capital market framework.Expanded SEC powersThe Act significantly strengthened the Securities and Exchange Commission, SEC granting powers to investigate, enforce, and sanction misconduct such as insider trading, market manipulation, and fraud.

How the rally built up

The market’s ascent was not sudden, but steady and sustained. First quarter 2025, Q1’25: Between January and March, the market posted modest growth, with market capitalisation increasing by N3.5 trillion and the ASI gaining 2.7%.

First Half (H1 2025): By the end of June, total market value had expanded by N13.2 trillion, while the ASI was up 16.5% relative to end-2024.

Nine-month performance: By September, investor returns had grown by 38%, with market capitalisation adding N27.8 trillion since January.

Taken together, 2025 ranked as one of the most bullish years for the Nigerian stock market, with returns consistently outperforming many global peers.

Sectoral performance

Several sectors recorded strong gains. Consumer Goods, Banking, Insurance and Industrial Goods. These sectors posted robust index growth, particularly in the first half of the year.

The oil and gas sector, however, was an exception, trending downward due to sector-specific pressures.

What drove the market in 2025?

Macroeconomic stabilisation-Improved foreign exchange stability and macroeconomic policy reforms eased earlier distortions, restoring confidence among both domestic and foreign investors.

A key catalyst was the Central Bank of Nigeria’s (CBN) first interest-rate cut in years, which reduced financing costs and encouraged capital inflows into risk assets.

Investor participation and Foreign Portfolio Investment

The foreign capital returns also helped to boost the market. Foreign Portfolio Investment (FPI) surged, particularly in the first eight months of the year. FPI inflows increased significantly YoY, accounting for over 20.7% of total market activity. By 11 months of 2025, total foreign portfolio transactions stood at N2.19 trillion, a 178.8% YoY increase. Foreign inflows reached N1.12 trillion, up from N370 billion in 2024. Outflows rose to N1.009 trillion, from N415.13 billion the previous year. Foreign investors accounted for 21.6% of total market transactions, up from 17.6% in 2024, while domestic investors still dominated with 78.2%. Domestic investors remained highly active, sustaining trading volumes and market momentum. Corporate earnings, listings and capital raising Strong earnings by banks and major corporates underpinned equity valuations, while capital-raising activities strengthened balance sheets.

New listings and introduction listings added depth and liquidity, reinforcing the market’s growth narrative.

The rules that changed the game

Investments and Securities Act (ISA) 2025. The most transformative development of 2025 was the replacement of the ISA 2007 with the ISA 2025, fundamentally reshaping Nigeria’s capital market framework.

Expanded SEC powers

The Act significantly strengthened the Securities and Exchange Commission, SEC granting powers to investigate, enforce, and sanction misconduct such as insider trading, market manipulation, and fraud.

The SEC can now compel records, access communication data, and initiate criminal proceedings in collaboration with the Attorney-General’s office.

Investor protection takes centre stage

Minimum fines of N20 million and prison terms of up to 10 years for promoters of Ponzi and prohibited schemes. Expansion of the Investor Protection Fund (IPF) to cover a broader range of losses. Restructuring of the Investments and Securities Tribunal (IST) to improve dispute resolution; Modernising market structure; Introduction of composite and non-composite exchanges.

Mandatory Legal Entity Identifiers (LEIs) for market participants.

A formal framework for commodities exchanges and warehouse receipt systems, supporting agricultural finance and price discovery were introduced,

New investment and capital raising channels

The ISA 2025 formally recognised and regulated crowd-funding platforms, private equity and venture capital Infrastructure financing instruments State and local governments were also empowered to raise funds through the capital market.

Technology, surveillance and settlement reforms

Deployment of AI-driven market surveillance for real-time fraud detection was included in the ISA 2025.

Other notable performance was the accelerated digital submissions, automated filings, and cybersecurity upgrades. Migration toward a T+2 settlement cycle, improving liquidity and aligning with global standards.

Digital assets enter the regulatory net

For the first time, virtual assets and digital investment contracts were recognised as securities under Nigerian law, bringing digital asset exchanges and service providers under SEC oversight.

For investors, regulators, and policymakers alike, 2025 marked the year reforms moved from paper to performance and confidence returned to Nigeria’s capital market.

Commenting at the end of trading yesterday on the Exchange, Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, said: “the Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds. This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.

“During the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while our continued investment in technology played a critical role in expanding access, enhancing transparency, and improving operational efficiency across the market.”

On outlook, Popoola , said: “As we look ahead to 2026, NGX Group remains focused on deepening partnerships with regulators, issuers, market operators, policymakers, and the wider financial ecosystem to sustain this momentum. We are optimistic about the opportunities ahead and committed to positioning the Nigerian capital market as a key driver of economic growth and wealth creation, while advancing NGX Group’s vision as Africa’s preferred exchange hub.”

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Business

Underwriter bags LUTH award for boosting voluntary blood donation

Published

3 hours ago

July 6, 2026

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By Rosemary Iwunze

AXA Mansard Insurance Plc has been honoured with the Community Hero Award by the Blood Transfusion Centre of the Lagos University Teaching Hospital (LUTH) in recognition of its contribution to strengthening voluntary blood donation and supporting efforts to improve access to life-saving blood for patients.

The recognition comes amid growing calls for increased voluntary blood donation to address recurring shortages in healthcare facilities across Nigeria, where hospitals continue to rely heavily on voluntary donors to meet transfusion needs.

According to the insurer, the award followed its sustained employee-led blood donation drives organised in partnership with the Blood Transfusion Centre, LUTH, as part of its corporate sustainability and community health initiatives.

Over the past two years, employees of the company have donated more than 200 pints of blood to support patients requiring life-saving transfusions, with participation drawn from across its operations.
The company said the initiative demonstrates its commitment to improving community wellbeing while fostering a culture of volunteerism among employees.

Chief Marketing Officer of AXA Mansard Plc, Adebola Surakat, described the recognition as an affirmation of the company’s purpose of advancing human progress through initiatives that extend beyond its core insurance business.

“At AXA Mansard, our purpose is to act for human progress by protecting what matters. We believe protection should be inclusive and extend beyond insurance to improving the wellbeing and resilience of the communities we serve,” she said.

According to Surakat, the award reflects not only the organisation’s commitment to supporting healthcare interventions but also the willingness of its employees to contribute to initiatives that create lasting social impact.

She noted that the company would continue to encourage employee volunteerism and invest in programmes that promote healthier and more resilient communities.

The Community Hero Award is presented to organisations that have demonstrated commitment to promoting blood donation awareness, encouraging voluntary participation and supporting the availability of safe and sustainable blood supplies for healthcare delivery.

Healthcare experts have consistently identified inadequate voluntary blood donation as one of the major challenges facing Nigeria’s healthcare system, with stakeholders urging greater private sector participation in initiatives that strengthen national blood reserves and improve emergency medical response.

Business

Private healthcare investment deepens as OneHealth by AXA expands specialist services

Published

4 hours ago

July 6, 2026

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By Rosemary Iwunze

PRIVATE healthcare providers are expanding investments in specialist medical services as rising cases of chronic diseases, an ageing population and increasing demand for quality healthcare continue to reshape Nigeria’s healthcare landscape.

The latest move came from OneHealth by AXA, which has introduced Geriatric and Optometry clinics at its Victoria Island Medical Centre in Lagos, widening access to specialised care and reinforcing the growing role of private healthcare providers in bridging critical service gaps.

Industry stakeholders have increasingly stressed the need for greater investment in specialist healthcare as Nigeria grapples with a rising burden of non-communicable diseases, while eye disorders and age-related illnesses continue to place pressure on the country’s healthcare system.

Speaking on the expansion, Chief Business Officer of OneHealth by AXA, Wahen Egbe, said the new clinics were established in response to the evolving healthcare needs of Nigerians and the increasing demand for specialised medical services.

“The addition of these clinics reflects the growing demand for specialised medical services that address the evolving health needs of people at different stages of life,” she said.

Egbe explained that the company’s decision to establish a dedicated Geriatric Clinic followed growing concerns over the healthcare needs of older adults as Nigeria records increasing cases of chronic and age-related illnesses.

According to her, the clinic offers comprehensive assessment, prevention, diagnosis and long-term management of conditions commonly associated with ageing, including hypertension, diabetes, arthritis, osteoporosis, cognitive decline, mobility disorders and other chronic illnesses requiring coordinated multidisciplinary care.

She added that beyond treatment, the clinic is designed to promote healthy ageing by helping senior citizens maintain functional independence and improve their quality of life through personalised care plans.

The Geriatric Clinic operates every Tuesday from 2:00 p.m. to 5:00 p.m., providing specialist consultations for elderly patients and their families.

Also speaking, Country Manager of OneHealth by AXA, Dr. Jadesola Idowu, said the introduction of the Optometry Clinic was aimed at improving access to preventive eye care and addressing the growing incidence of undiagnosed vision problems.

She noted that many eye conditions develop gradually without noticeable symptoms until significant vision loss has occurred, making routine eye examinations essential for early diagnosis and treatment.
“Our Optometry Clinic offers comprehensive eye examinations, vision screening, refraction services, prescription of corrective lenses, eye health assessments and early detection of common eye diseases affecting children, adults and older persons,” she said.

Idowu added that the clinic also provides preventive eye care counselling, occupational vision assessments, prescription updates and referrals for advanced ophthalmic treatment where necessary.
The Optometry Clinic operates from Monday to Friday between 9:00 a.m. and 5:00 p.m.

The expansion marks another step in OneHealth by AXA’s strategy to strengthen integrated healthcare delivery by providing multiple specialist services within a single medical facility.

The company, a subsidiary of the AXA Group, currently offers specialist services spanning cardiology, endocrinology, obstetrics and gynaecology, paediatrics, orthopaedics, physiotherapy, ear, nose and throat (ENT), urology and endoscopy, while also operating 24-hour ambulance and radiology services to improve emergency response and continuity of care.

Healthcare analysts have maintained that sustained private sector investment in specialist care, alongside stronger public-private collaboration, will be critical to improving access to quality healthcare, reducing pressure on public hospitals and enhancing health outcomes as demand for specialised medical services continues to rise across the country.

Business

Stockbrokers clarify FTSE Russell’s concerns on Nigeria’s T+1 settlement cycle

Published

19 hours ago

July 6, 2026

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By Peter Egwuatu

The Chartered Institute of Stockbrokers (CIS) has described FTSE Russell’s decision to defer Nigeria’s planned reclassification to Frontier Market status as a temporary review process rather than a reversal of the country’s capital market reforms, stressing that Nigeria’s newly adopted T+1 settlement cycle remains a landmark achievement capable of strengthening investor confidence and market efficiency.

The Institute said the postponement announced by FTSE Russell on June 30, 2026, followed the global index provider’s decision to further assess the practical implications of Nigeria’s migration from a T+2 to a T+1 securities settlement cycle for international institutional investors.

According to CIS, Nigeria’s transition to the T+1 settlement framework on June 1, 2026, represents one of the most significant reforms in the country’s capital market history, making Nigeria the first capital market in Africa to implement the shortened settlement cycle.

The Institute noted that the reform aligns Nigeria with major global markets that have adopted faster settlement systems to improve operational efficiency, reduce settlement risk and enhance liquidity.

“The introduction of T+1 settlement demonstrates Nigeria’s commitment to international best practices and strengthens the country’s competitiveness within the global investment community,” the Institute stated.

CIS explained that FTSE Russell’s concerns centre on whether the shortened settlement period could, in practice, create a de facto prefunded market for foreign institutional investors operating across multiple jurisdictions and time zones.

However, the Institute maintained that Nigeria’s migration to T+1 has not altered the country’s Delivery versus Payment (DvP) settlement model, under which securities and cash are exchanged simultaneously at settlement.

“The implementation of T+1 does not require foreign portfolio investors to prefund their transactions. The market continues to operate under internationally recognised Delivery versus Payment principles, with the only change being the reduction of the settlement period from two business days to one.

“We recognise the operational challenges arising from the shortened settlement cycle. Accordingly, sustained engagement and constructive collaboration with all stakeholders will be crucial to refining the reforms, addressing emerging issues, and ensuring that no category of investor is disadvantaged or unintentionally excluded from participating in the Nigerian capital market,” CIS stated.