Nigeria’s stock market soars 51% in 2025—yet not all investors won
Nigeria’s equities market saw its strongest performance in nearly two decades in 2025. The NGX All-Share Index surged by 51.19% over the year, closing at 155,613.03 points. Gains were driven by strong rallies in banking, cement, and food stocks.
Yet the stock market's outcomes were mixed, with some investors enjoying massive gains while others faced sharp losses.
The benchmark index finished the year at its highest level in 18 years. Banking, cement, and food sectors led the charge, pushing the index to 155,613.03 points. This marked a 51.19% increase from the start of 2025.
For some investors, the year brought substantial gains. The six Nigerian billionaires tracked collectively added an estimated N11.36 trillion to their paper wealth. However, not all high-profile investors fared well.
Mike Adenuga, founder of Globacom, experienced the steepest decline in his listed equity holdings. His losses came primarily from Conoil Plc, whose share price plummeted by 51.65%. The stock dropped from N387.20 to N187.20, wiping an estimated N20.65 billion from Adenuga’s paper wealth.
The 2025 stock market results highlight both significant growth and sharp declines. While the NGX All-Share Index achieved its best annual performance since 2007, individual outcomes varied widely. Some investors saw record gains, while others, like Adenuga, faced heavy losses due to underperforming stocks.
