The Nigerian Exchange (NGX) has announced that a staggering ₦4.63 trillion was raised in capital during the first half of 2025, marking a milestone in the country’s financial markets and reinforcing investor confidence amid ongoing economic reforms.
According to a mid-year performance briefing released by the NGX and seen by multiple financial outlets including BusinessDay, Nairametrics, and The Guardian, the capital was mobilized through a mix of corporate bonds, sovereign issuances, and public equity offerings. This wave of capital formation is expected to finance large-scale infrastructure projects, accelerate enterprise development, and strengthen Nigeria’s financial sector — particularly the ongoing banking recapitalization efforts.
Digital Platform Driving Market Participation
One of the standout contributors to the surge in capital inflow is the NGX Invest platform, a digital public offering subscription tool launched in 2024. The platform has democratized access to primary market instruments, especially for retail investors, by simplifying the process of investing in public offerings.
“NGX Invest has played a significant role in expanding participation in the market and supporting national initiatives like banking recapitalization, which alone accounts for over ₦2 trillion raised so far,” said Temi Popoola, Group Managing Director and CEO of NGX Group.
Structural Reforms Yielding Results
Popoola credited the impressive performance to “deliberate structural reforms, digital innovation, and stronger collaboration with regulators,” particularly the Securities and Exchange Commission (SEC).
Efforts to increase transparency, expand product offerings, and protect investors have begun to pay dividends. The total market capitalization of the Exchange grew by 16% in H1 2025, rising from ₦109.2 trillion in January to ₦126.7 trillion at the end of June.
Breakdown of the capital markets includes:
- Equities: Up from ₦62.7 trillion to ₦75.9 trillion
- Fixed Income Market: Stable at ₦50.5 trillion
- Exchange-Traded Funds (ETFs): Climbed to ₦25.7 trillion
Equities on the Rise, Driven by Investor Confidence
The Nigerian All Share Index (ASI) recorded a year-to-date gain of 16.57%, continuing a six-quarter rally that began in 2023. From 102,928.6 points in January, the ASI surged to 119,978.6 points by June 30 — supported by robust trading volumes totaling 67 billion shares during the period.
Investor sentiment has been lifted by a more stable macroeconomic environment, according to David Adonri, Vice Chairman of Equity Capital Solutions Ltd. “Stabilizing interest rates and a relatively predictable FX regime are giving investors reason to stay,” Adonri told Nairametrics.
Sector Performance: Consumer Goods Take the Lead
- NGX Consumer Goods Index: +51.21%
- NGX Pension Index: +19.32%
- NGX Banking Index: +18.06%
These gains reflect strong corporate earnings, growing consumer demand, and increasing institutional investor activity — particularly in pension and insurance-related equities.
Looking Ahead: What to Expect in H2 2025
The NGX Group, comprising Nigerian Exchange Limited, NGX Regulation Limited (NGX RegCo), and NGX Real Estate Limited (NGX RelCo), is doubling down on efforts to keep the market inclusive and digitally dynamic. Analysts say the second half of 2025 may see even more listings and innovations as Nigeria prepares for new fiscal policies and the 2026 budget cycle.
“There’s a growing recognition that Nigeria’s capital markets are becoming not just resilient, but strategic to national development,” said TheCable’s senior markets analyst.
As interest in Nigeria’s financial ecosystem deepens, both locally and internationally, the NGX seems poised to maintain its role as a catalyst for growth — provided reforms and investor protections continue to scale.
