The Nigerian Exchange ended the 2025 trading year with a stellar 51.19% annual return, marking its highest full-year performance since 2007.
This is according to data tracked by the Nigerian All-Share Index (ASI), which also showed the market closed December with an 8.43% gain, pushing total market capitalization to N99.3 trillion.
The record-breaking rally was driven by strong sectoral performances, particularly in consumer goods, insurance, and industrials, with standout stock returns far exceeding 100%.
The Nigerian stock market delivered a full-year return of 51.19% in 2025, buoyed by a December rally of 8.43% and a final-day gain of 0.37%, according to figures from the NGX.
This translated into a quarterly return of 9.04% and a second-half return of 29.70%, making H2 2025 the best-performing half of the year.
July stood out with the highest monthly gain of 16.57%, which helped lift Q3 returns to 18.95%, the strongest quarterly performance of the year.
Historically, only a few years have rivaled 2025’s returns: 2020 (50.03%), 2013 (47.19%), 2023 (45.90%), and 2017 (42.30%). Most other years have posted sub-40% returns, placing 2025 in elite territory.
Sectoral breakdown: Consumer goods lead, oil & gas trails
Consumer goods stocks were the top performers in 2025, surging by 129.57%. This was supported by strong company earnings, declining FX losses, and renewed investor confidence. The biggest gainers included:
Other strong consumer names delivered between 100% and 200% returns, including Cadbury Nigeria (+178.60%) and Unilever Nigeria (+118.51%).
The Insurance sector followed with a 2025 return of 65.64%, with gains accelerating after the Nigerian Insurance Industry Reform Act (NIIRA 2025) was signed into law. Top insurance gainers included:
The Industrial Goods sector came in third, posting 58.91% annual growth. Beta Glass was the top performer with a 470.11% return, while other gainers included Berger Paints (+140.00%) and BUA Cement (+91.94%).
Banking stocks delivered a 39.77% gain despite a mid-year setback caused by a CBN forbearance directive. Top banks included Wema Bank (+128.75%), Stanbic IBTC (+73.61%), and GTCO (+59.12%).
The Oil and Gas sector was the only one to close negatively in 2025, dropping 1.54%, weighed down by losses in Oando, Conoil, and TotalEnergies, despite modest gains in Eterna (+40.12%) and Aradel (+12.04%).
The Nigerian stock market’s 2025 rally signals renewed investor confidence in the local bourse amid macroeconomic reforms, easing forex pressures, and improving corporate performance.
It also highlights the importance of policy reforms—like the NIIRA 2025—that can unlock value in overlooked sectors.
It also highlights the importance of policy reforms—like the NIIRA 2025—that can unlock value in overlooked sectors.