The Nigerian equities market defied economic headwinds in 2025, delivering a sweeping rally that significantly outpaced the 51.19% gain posted by the NGX All-Share Index at the close of trading on December 31, 2025.
According to data compiled by Naijaonpoint from the Nigerian Exchange Limited (NGX), no fewer than 45 listed companies posted gains of over 100%, with some stocks returning over 1,000% in a record-setting year.
This momentum, driven by earnings strength, liquidity improvements, and reform-driven sentiment, delivered one of the most impressive annual performances in recent years.
The NGX All-Share Index closed 2025 at 155,613.03 points, reflecting a year-to-date gain of 51.19%, while market capitalisation also grew by 51.19% to N99.376 trillion.
However, the benchmark rally was overshadowed by explosive gains across select mid-cap and small-cap stocks.
NCR Nigeria Plc led the performance chart, surging by 1,354% to close at N72.70—making it the year’s top-performing stock. Eunisell Interlinked Plc (+497%) and Beta Glass Plc (+470%) followed closely.
Here’s a quick list of the Top 10 best-performing stocks in 2025 (YTD gains):
NCR Nigeria Plc stood out with a meteoric rise from N5.00 at the end of 2024 to N72.70 at the close of 2025.
Despite having just 108 million shares outstanding and a market capitalisation of N7.85 billion, it outpaced all other listed stocks.
Naijaonpoint earlier reported the company’s 9-month revenue stood at N1.4 billion, up 13.9% from the previous year, driven largely by its World Customer Services segment.
Over 18 stocks delivered returns above 200%, including Fidson Healthcare Plc (+223%), MTN Nigeria (+156%), and Neimeth Pharmaceuticals (+153%).
In total, more than 27 additional stocks returned over 100% gains, confirming that the rally was broad-based and not isolated to a handful of names.
The 2025 rally signals renewed investor confidence in Nigerian capital markets, despite macroeconomic uncertainty and tight monetary conditions.
Increased domestic participation, regulatory reforms, policy clarity, and improved earnings helped energise both institutional and retail investors.
Sector-specific developments—such as NIIRA 2025 for insurance—also contributed to sector-wide momentum.
Moreover, the robust performance demonstrates how structural improvements can enable markets to thrive, even in high-inflation environments.
Moreover, the robust performance demonstrates how structural improvements can enable markets to thrive, even in high-inflation environments.
The NGX has proven resilient, offering real returns to investors and reinforcing its relevance as a capital formation hub in Africa.
As 2026 kicks off, investors will be watching whether the NGX can sustain this bullish momentum or if profit-taking and macroeconomic adjustments will lead to a more cautious year.