Overall  Value of Stocks, Debts, ETFs on NGX Adds N35.3trn YoY

Kayode Tokede

Amid growing investors confidence, the overall market capitalisation of listed securities on the Nigerian Exchange Limited (NGX), added N35.3 trillion Year-on-Year ((YoY) to N141.3 trillion as of November 2025 from N106.03 trillion it was in November 2024.

Listed securities on NGX include debt, stocks and Exchange Traded Fund (ETF). 

The stability in the foreign exchange market, companies recovering from foreign exchange losses, improved market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, Central  Bank of Nigeria’s  (CBN) banking sector recapitalisation  and insurance sector reforms have played a critical role in overall market capitalisation  growth so far in 2025. 

According to the Exchange, the  debt market is made up of corporate Bonds/Debentures, FGN Bonds and State and Local Bonds.

There are 25 FG bonds listed on NGX with four state/local government bonds and 19 corporate Bonds/Debentures. 

As of November 2025, a total of 150 stocks and over 10 EFTs are listed on the NGX. In addition, the Exchange has in total seven Eurobonds issued by CBN and federal government. 

The stock market is responsible for about N91.086 trillion or 64.47 per cent of the N141.3 trillion total market capitalisation and continues to dominate transactions on NGX.

In the period under review, the stock market has added nearly N32 trillion YoY from N59.119 trillion November 2024 to  N91.086 trillion as of November 2025. 

The debt market came second, contributing about N50.168 or 35.5 per cent  of the overall N141.3 trillion market capitalisation as of November  2025, while the ETF ranked third with N34.5 billion or 0.024 per cent contribution.

As the debt market added N3.3 trillion YoY from  N46.884 trillion November 2024 to N50.168 trillion as of November 2025, the ETF moved from N28.628 billion November 2024 to N34.581 billion as of November 2025, gaining N5.95 billion YoY.  

The stock market growth of N32 trillion YoY can be attributed to strong g earnings by listed companies, massive inflow from retail investors  and foreign investors surge demand for fundamental listed stocks on NGX.

Recently, the Managing Director of Financial Derivatives Company, Bismarck Rewane, predicted that  the capital market capitalisation may grow by 190 per cent from its current N91 trillion to N262 trillion by 2026. 

Rewane argued that with new entrants such as the Dangote Refinery, valued at about $32 billion and potential NNPC Limited’s listing, the stock market could grow from about 20 per cent of GDP to nearly 80 per cent in the medium-term, transforming it into a more dominant engine of capital formation.

“The stock market is becoming a bigger source of national savings and corporate financing. These listings will alter the structure of the market and significantly influence growth,” he said.

He noted, however, that achieving such expansion would depend on macro economic stability, moderating inflation and an interest-rate environment that supports investment.

He stressed that external reserves must be viewed against rising debt obligations, saying the recent uptick was largely due to Eurobond inflows.

Beyond market metrics, Rewane emphasised the urgent need to, “Build an economy that works for Nigerians,” noting that diaspora remittances remain a stabilising force but could weaken as global labour markets adjust to AI disruptions.

He added that Nigeria’s revised GDP of $250 billion still makes the government’s ambition of reaching the $1 trillion economy by 2030 unrealistic without an increase in productivity, investment and security.

Also, the Managing Director and Chief Executive Officer, APT Securities and Funds Limited, Kasimu Garba Kurfi, projected that the market capitalisation is expected to surpass the N100 trillion mark by the end of 2025, buoyed by foreign exchange stability, strong corporate fundamentals, and increased primary market activities.

So far this year, the CBN has continued its monetary policy tightening to stabilise the naira and inflation.

Under Dr. Olayemi Cardoso of the CBN, Nigeria economy has seen gradual clearance of the foreign exchange backlogs and he has restored stability into the foreign exchange market as he had reassured both local and foreign investors from day he resumed duty.

Listed corporate earnings on NGX also played a pivotal role with major fundamental companies declaring impressive earnings,  others migrated to profit generation.

Capital market analysts noted that the corporate earnings reports of nine months of 2025, coupled with strong dividend declarations from the 2024 FY results, especially from the banking sector, cement manufacturing companies, encouraged investors seeking returns in a volatile macro environment.

Although domestic investors were a major force behind the rally, foreign investors are closing the gap in their participating trading on NGX.

In the period under review, several stocks listed on the NGX have recorded strong month to date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

Capital market analysts noted that sustaining this momentum in the remaining of 2025 will depend on the continuation of stable and credible economic policies.

The Vice President, Highcap Securities, David Adonri noted that the equities market so far in 2025 has witnessed massive interest in the recovering major stocks such as Airtel Africa, Nestle Nigeria Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc, MTN Nigeria Communications Plc, and others which propelled the rally.

“Having reacted, the market is expected to cool down until perhaps the third week in June when half year corporate expectations will start impacting the market positively or negatively, depending on the kind of price sensitive information that inundates the market,” he said.

Kurfi identified key drivers of the 2025 market rally, including the elimination of foreign exchange-related losses by companies.

He pointed out that in 2024, listed firms posted pre-tax FX losses of N507.2 billion, up from N359 billion in 2023, representing a combined N867 billion in losses.

“In 2025, we have seen zero FX losses due to exchange rate stability, and this has significantly boosted investor confidence,” he said.

He said the signing of the Nigerian Insurance Industry Reform Act (NIIRA 25) has triggered a rally in insurance stocks, while the CBN’s bank recapitalisation programme has revived the primary market, attracting over N2 trillion in 2024, with similar volumes anticipated in 2025.

The MD/CEO, Globalview Capital Limited,  Aruna Kebira, stated that the stock market has shown a resilient and generally positive performance so far in 2025, despite some volatility and economic headwinds.