Nigerian stock market to exceed ₦100 trillion by late 2025 – APT Securities
The Nigerian Exchange (NGX) market capitalization is projected to surpass ₦100 trillion by the end of 2025.
The Managing Director and Chief Executive Officer of APT Securities and Funds Limited, Kasimu Kurfi, made this prediction at the Mid-Year 2025 Capital Market Review and Outlook organized by the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos.
He said this optimistic outlook is driven by several factors, including anticipated foreign exchange stability, robust corporate fundamentals, and increased primary market activities.
Key drivers for this growth include the elimination of foreign exchange-related losses by companies, which significantly impacted firms in 2023 (₦359 billion) and 2024 (₦507.2 billion), totaling ₦867 billion in combined losses. With exchange rate stability in 2025, zero FX losses are expected, boosting investor confidence.
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The signing of the Nigerian Insurance Industry Reform Act (NIIRA 25) has also spurred a rally in insurance stocks, while the Central Bank of Nigeria’s (CBN) bank recapitalization program has revitalized the primary market, attracting over ₦2 trillion in 2024, with similar volumes expected in 2025.
Foreign capital inflows have shown significant growth, reaching $5.6 billion in Q1 2025, a 67.42% increase from $3.4 billion in Q1 2024. Foreign portfolio investment now constitutes 27.08% of market participation, or ₦1.14 trillion, as of July 2025, a substantial rise from less than 10% at the end of 2023. Despite this, domestic investors remain the dominant force, accounting for 72.92% or ₦3 trillion.
Daily market turnover has also improved sharply, averaging ₦25–₦30 billion, compared with ₦5 billion in previous years.
As of August 7, 2025, the total market capitalization had risen to ₦126.73 trillion from ₦112.6 trillion in December 2024, with equity capitalization surging to ₦92.73 trillion from ₦62.66 trillion at the end of 2024.
The All-Share Index (ASI) climbed to 146,569.35 basis points in early August, representing a 41.61% increase from 102,926.40 points in December 2024. Sectoral performance has been robust, with about half of the NGX’s 21 indices outperforming the ASI, notably the Nigerian Consumer Goods Index (81.11% rise) and the Insurance Index (74.18%).
For investors, a focus on blue-chip stocks with strong fundamentals and insurance companies, especially those diversified into asset management, is recommended. Diversification to include fixed-income instruments is also advised, as the capital market serves as a hedge against inflation and naira devaluation.
