In a historic turnaround for Nigeria’s capital markets, the Nigerian Exchange (NGX) has posted its strongest seven-month performance on record, creating 17 billion-dollar companies and adding $11.7 billion (N18.2 trillion) in market value since January.
As of July 31, 2025, the combined valuation of these companies now stands at $45.15 billion (₦69.98 trillion), signaling a dramatic reawakening of investor confidence in Nigerian equities.
Analysts are calling the surge a watershed moment, powered by a convergence of robust corporate earnings, stabilizing macroeconomic indicators, and renewed foreign and domestic investor interest in risk assets.
“This is the most aggressive market revaluation we’ve seen in over a decade,” said Dr. Bolaji Olaitan, Chief Market Strategist at AlphaPoint Securities. “Valuations are finally catching up with fundamentals.”
Years of underpricing and low price-to-earnings (P/E) ratios set the stage for a rally, especially after currency devaluations in 2023 and 2024 made Nigerian assets highly attractive to dollar-based investors.
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“Nigeria is now viewed as a classic turnaround story,” added frontier markets economist Chika Mordi. “With inflation tapering and reforms taking root, the equities market offers a compelling upside.”
The NGX returned 16.5% in July alone, placing it among the world’s top-performing stock markets in 2025.
New Billion-Dollar Entrants
Six firms crossed the billion-dollar threshold this year for the first time:
Nigerian Breweries: Now valued at ₦2.39 trillion ($1.54 billion), the brewer gained 141% year-to-date after recovering from a turbulent 2024.
International Breweries: Posted a 149% gain, reaching ₦2.3 trillion ($1.50 billion), driven by a swing from a ₦150 billion loss in H1 2024 to a ₦61.52 billion profit in H1 2025.
UBA: Crossed the $1.3 billion mark on the back of strong financials and increased investor interest.
Stanbic IBTC, Lafarge Africa ($1.55 billion), and Presco Plc (now worth $1 billion) also joined the elite club.
They joined long-standing giants such as MTN Nigeria, Dangote Cement, BUA Cement, GTCO, Zenith Bank, and Airtel Africa.