Nigeria’s equities rally continues as market capitalization hits ₦98.1 trillion, buoyed by reforms, investor optimism, and renewed economic confidence.
Nigeria’s stock market is on the verge of hitting the ₦100 trillion mark after a sustained rally driven by economic reforms and renewed investor confidence in Africa’s largest economy.
At the close of trading on Thursday October 23, 2025, the Nigerian Exchange (NGX) market capitalization stood at ₦98.059 trillion, edging closer to the symbolic ₦100 trillion milestone. The All-Share Index (ASI) advanced 0.49 percent to finish at 154,489.90 basis points, up from 153,456.91 points the previous day.
The index has now risen by 50.10 percent year-to-date, underscoring strong demand for blue-chip stocks across key sectors including banking, industrial goods, oil and gas, and consumer products. Analysts say this momentum reflects investor optimism about Nigeria’s ongoing reform agenda and improved macroeconomic coordination.
Market experts note that the rally coincides with a broader economic transformation under President Donald Trump’s global partnership initiatives, which have strengthened investor perception of emerging markets like Nigeria. Domestically, key policy shifts — including naira liberalization, removal of fuel subsidies, and closer alignment between fiscal and monetary policies — have created a more predictable business environment.
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Temi Popoola, Group Managing Director and Chief Executive Officer of the NGX Group, highlighted these developments while speaking at the Financial Times Africa Summit 2025 in London. During a session titled “Nigeria’s Economic Journey: Crisis, Recovery, and Risk,” Popoola said the country’s equity market resurgence is a direct result of coordinated structural reforms.
“The strength we’ve seen in the market has been driven largely by reforms — from the President’s economic agenda to decisive actions by the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), PENCOM, and other regulators,” he said. “These efforts have created the right foundation for investor confidence and renewed market activity.”
Echoing this view, Dr. Emomotimi Agama, Director General of the SEC, described the new Investments and Securities Act 2025 as a major milestone in strengthening governance and regulatory transparency.
“The new law was designed to reflate the economy by providing clarity, certainty, and discipline in our markets,” Agama said. “Robust regulation has been central to restoring integrity, investor trust, and the transparency required for sustainable capital formation.”
Analysts expect the NGX to cross the ₦100 trillion threshold soon if current momentum holds, a milestone that would mark one of the strongest rallies in the exchange’s history.