The Nigerian Exchange (NGX) has emerged as one of Africa’s best-performing markets in 2025, with the All-Share Index soaring by 37.25 percent year-to-date as of August 1.
This rally has unlocked a staggering N26.61 trillion in capital gains, pushing the total market capitalization from N62.76 trillion at the start of the year to N89.37 trillion. In dollar terms, the NGX has appreciated by $17.4 billion, rising from $41.84 billion to $58.4 billion.
Driving this remarkable surge is a wave of investor momentum that has propelled more Nigerian companies into the billion-dollar valuation club. At the end of 2024, only 10 companies listed on the NGX had a market capitalization of $1 billion or more. As of August 1, that number has nearly doubled to 18.