Result doubles 2024 figures
Experts attribute success to policy reforms
Nigerian Exchange (NGX) total turnover doubled to all-time high of N11.23 trillion last year as foreign investors increased stakes on equities, it was learnt yesterday.
Trading data obtained by The Nation yesterday indicated that total value of transactions at the Exchange rose by 101 per cent from N5.587 trillion in 2024 to N11.23 trillion in 2025, the highest in the history of the market.
The transactions had stood at N3.578 trillion, N2.324 trillion, N1.899 trillion and N2.168 trillion in 2023, 2022, 2021 and 2020 respectively.
The record market performance was driven by upsurge in activities by foreign portfolio investors, whose participation in the Nigerian market had risen to the highest level in the past four years.
The market also recorded another breakthrough as the country made net positive flow in the two-way trading by foreign investors. Compared with the previous trend where outflows were more than inflows, inflows surpassed outflows in 2025, showing that foreign investors were becoming more comfortable with retaining their funds in Nigeria.
The turnover further illustrated the positive outlook for the Nigerian market, after Nigerian equities closed 2025 as one of the world’s five best-performing stock markets. The All Share Index (ASI) of the NGX- which doubles as Nigeria’s sovereign equities index, closed 2025 with a full-year return of 51.19 per cent, equivalent to net capital gain of N32.13 trillion.
Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Temi Popoola, attributed the sustained rally at the stock market to investors’ confidence in the country’s macroeconomic outlook.
He 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.”
He commended President Bola Ahmed Tinubu for providing the policy clarity and reform momentum that have bolstered investor confidence.
According to him, the capital market has responded positively to improved macroeconomic coordination and clear reform direction, creating an enabling environment for sustainable investment.
Popoola assured that the NGX Group would continue to collaborate with regulators and stakeholders to attract quality listings, deepen liquidity, and expand retail participation, reinforcing the market’s position as a catalyst for sustainable economic growth.
Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Sehinde Adenagbe, said the market performance has strong correlation with the economic reforms of the current government.
He said: “There is no gain saying that since President Tinubu took office in May 2023, Nigeria’s stock market has experienced strong growth and renewed investor interest.
“The NGX All-Share Index more than doubled, rising by around 136 per cent between 2023 and 2025, with market capitalisation expanding sharply and local and foreign participation strengthening”.
He added that further digitisation of the economy and the capital market has smoothen the onboarding of the youthful demography of the country, especially through the fintech gateway created by the NGX Group, which has tremendously increased inclusiveness in the market.
According to him, the market performance reflected improved macroeconomic conditions, liquidity, and investor appetite.
Adenagbe said: “We believe that these strong performances signal enhanced market confidence, partly driven by broader economic measures under the administration.”
He highlighted the enactment of the Investment and Securities Act (ISA) 2025 signed into law by President Tinubu, removal of Nigeria from the Financial Action Task Force (FATF)’s “grey list” and the reforms in the foreign exchange (forex) market as major impetus for the market.
According to him, the transparency and stability in the forex market have helped to reduce distortions, improving the predictability of pricing for foreign investors and businesses.
“Stable forex conditions have been widely cited as a contributor to increased foreign capital flows into equities and other financial instruments,” Adenagbe said.
He, however, called for more supportive policies that encourage new listings, including moribund state-owned-enterprises that can be turned around as well as incentives for long-term institutional investment.
Adenagbe said: “We also need more structural reforms, coordinated implementation, market infrastructure improvements and inclusive growth measures to sustain momentum and position Nigeria as a competitive driver of national economic growth and development.
“The issue surrounding the Capital Gains Tax (CGT) should be revisited to give the market clarity. More intentional approaches are needed to stamp out insecurity and acts of terrorism from the country as investors want to put their resources in secured environment.”
Managing Director, GTI Capital, Mr. Kehinde Hassan, said investors appeared confident about the outlook for the Nigerian economy.
He noted that the stock market is the closest reflection of a country’s global economic rating as investors are sensitive to risks.