The Nigerian Exchange Group (NGX) announced on July 17, 2025, that it raised over ₦14 trillion in capital during the first half of 2025, reflecting a robust recovery in the nation’s financial markets.
The figure, detailed in the NGX’s mid-year report, stems from a 25% increase in equity listings and a surge in foreign portfolio investments, totaling $2.5 billion, driven by reforms under President Bola Tinubu’s administration. Key contributors include initial public offerings from tech firms and a 15% rise in banking sector capitalization, with banks like Access Holdings adding ₦3 trillion.
The growth, up from ₦10 trillion in H1 2024, coincides with a 10% appreciation in the naira, bolstered by improved oil output hitting 1.5 mb/d. However, analysts caution that inflation, still at 33%, and political uncertainty ahead of 2027 could cap gains.
Market sentiment is optimistic, with the All-Share Index up 18% year-to-date, though retail investors complain of limited access amid a 40% concentration in top stocks. The NGX plans a $500 million bond issuance in Q3 to sustain momentum, signaling confidence, but some economists warn of over-reliance on oil revenues amid global price volatility.