The Nigerian Stock Exchange (NGX, officially Nigerian Exchange Group) is a leading integrated market infrastructure in Africa servicing the continent’s largest economy. The Exchange provides capital access to companies seeking to take advantage of the financial markets to fund their business expansion.
Likewise, NGX provides its pool of domestic, regional, and international investors with an array of regulated securities to achieve their investment objectives.
In March 2021, the erstwhile Nigerian Stock Exchange was demutualized from a member-owned not-for-profit entity into a shareholder-owned, profit making entity Nigerian Exchange Group Plc.
Key Indices and Market Segments
NGX publishes the benchmark, value-weighted All-Share Index (ASI), formulated in January 1984 with a base value of 100. The ASI tracks the general market movement of all listed equities on the Exchange, including those listed on the Growth Board, regardless of capitalization.
Нигерия стала страной-партнером БРИКС. Анализ рынка золота, серебра, нефти, доллара 30.01.2025 г
Additional indices are the NGX30 and NGX50 which respectively track the top 30 and 50 companies in terms of market capitalization and liquidity.
Read also: A History of SAB
Both indices, in which only fully paid-up common shares are admitted, are weighted by adjusted market capitalization-the number of a company’s listed shares, multiplied by the closing price, and multiplied by a capping factor.
NGX maintains three categories of listing: the Premium Board, the elite group of companies that meet stringent corporate governance, capitalization, and liquidity criteria; Main Board, the larger companies who are admitted to the bourse based on profitability or market capitalization; and Alternative Securities Market (ASeM), the smaller, high-growth emerging businesses.
The listed equities below incorporate companies from all primary stock market segments.
Current Market Data
On November 7, 2025, the NGX trading summary indicated that a total of 527,145,655 shares were traded in 24,616 deals, corresponding to a market value of NGN 15,362,102,659.08. Compared with the previous NGX trading day (Thursday, November 6), today's data shows 15% decline in volume and 7% decline in turnover. The current market capitalization of the Nigerian Stock Exchange is NGN 95 trillion.
In the aggregate, 129 NGX listed equities participated in trading, ending with 19 gainers and 40 losers.
Read also: Responsibilities of the CEO
NCR Nigeria led the gainers with 9.94% share price appreciation closing at NGN 19.35 per share, followed by McNichols (+9.82%), Eunisell Interlinked (+9.24%) and Deap Capital Management & Trust (+8.81%).
On the losing side, Berger Paints came out last with an end-of-day price depreciation of 10% at NGN 35.10 per share, followed by C&I Leasing (-9.86%), MeCure Industries (-9.77%) and Champion Breweries (-9.72%).
Wema Bank recorded the highest volume of 90.9 million traded shares, followed by Consolidated Hallmark Holdings (78.3m), AXA Mansard Insurance (32.3m) and Access Holdings (23.4m).
Regarding the performance of NGX market indices, the benchmark NGX All-Share Index (ASI) shed 501.74 (-0.33%) points to close at 149,524.81, representing a 1-week loss of 2.99%, a 4-week gain of 1.73%, and an overall year-to-date gain of 45.27%.
Other remarkable indices that performed were the NGX Top 30 Index (-0.32%; -3% 1WK; +43.8% YTD), NGX Industrial Index (-0.11%; -1.09% 1WK; +64.92% YTD), NGX Premium Index (-0.24%; -3.76% 1WK; +55.65% YTD), NGX Oil & Gas Index (-0.25%; -4.8% 1WK; +2.25% YTD), NGX Main Board Index (-0.37%; -2.56% 1WK; +43.65% YTD), and NGX Consumer Goods Index (-0.47%; -2.54% 1WK; +98.91% YTD).
Read also: MASI Index Performance
Listed Companies and Securities
Here is a sample of listed companies and their recent performance:
| Ticker | Name | Volume | Price | Change |
|---|---|---|---|---|
| ABBEYBDS | Abbey Mortgage Bank Plc | 19,219 | 7.20 | +0.00 |
| ABCTRANS | Associated Bus Company | 361,633 | 4.24 | +0.00 |
| ACADEMY | Academy Press | 134,829 | 7.50 | +0.00 |
| ACCESSCORP | Access Holdings Plc | 23,373,262 | 22.00 | -0.50 |
| AFRINSURE | African Alliance Insurance | 0.20 | ||
| AFRIPRUDA | Africa Prudential Plc | 850,610 | 14.35 | +0.00 |
| AFROMEDIAA | Afromedia Plc | 0.24 | ||
| AIICO | Aiico Insurance Plc | 2,385,135 | 3.74 | +0.00 |
| AIRTELAFRI | Airtel Africa Plc | 601 | 2,270.00 | +0.00 |
| ALEX | Aluminium Extrusion Industries | 1,597 | 7.15 | +0.00 |
Note: Monetary values are quoted in Nigerian Naira (NGN) unless otherwise stated.
Index of African Stock Exchanges
- Botswana Stock Exchange
- BRVM Stock Exchange
- Ghana Stock Exchange
- Johannesburg Stock Exchange
- Lusaka Securities Exchange
- Malawi Stock Exchange
- Nairobi Securities Exchange
- Nigerian Stock Exchange
- Uganda Securities Exchange
- Zimbabwe Stock Exchange
Economic Context
Nigeria, the most populous country in Africa with an estimated 227 million people, is undergoing significant socioeconomic change. Following the 2023-2024 devaluation of its currency, the naira, the IMF projected that Nigeria’s GDP would decline to $253 billion in 2024, making it the fourth-largest economy on the continent, behind Algeria, Egypt, and South Africa.
The country’s labor costs remain significantly lower than many high- and middle-income nations, creating a competitive environment for businesses. In addition to its vast labor force, Nigeria is rich in natural resources, including oil, solid minerals, and precious stones, and has a vibrant digital and creative economy.
Nigeria held general elections in February 2023, resulting in Bola Tinubu, former Governor of Lagos State, winning the presidency with 37 percent of the vote. During his inauguration speech in August 2023, President Tinubu introduced two major economic reforms: floating the naira against the dollar and removing a costly fuel subsidy.
While international economists praised these reforms, the naira’s value had plummeted from N400/$1 to N1700/$1 by November 2024, drastically increasing the cost of living for Nigerians. Nigeria is heavily dependent on imports of many finished goods, processed food items, and refined oil to meet the country’s demand, so these imports have become even more expensive.
In response to these economic challenges, the Central Bank of Nigeria (CBN) Governor Olayemi Cardoso raised interest rates by a total of 875 basis points to 27.50 percent in 2024, where it has remained since November 2024.
The CBN successfully cleared a foreign exchange backlog of nearly $4.2 billion, with another $2.7 billion under review for its validity, and closely aligned the official and parallel exchange rates for the naira.
However, the removal of the fuel subsidy led to a steep increase in fuel prices, rising from N198 to N1100 per liter (~$2.45/gallon) by October 2024. These reforms also resulted in sharp hikes in commodity prices, pushing core food inflation to 32.7 percent by September 2024.
Despite the high fuel costs, supply remains erratic, with frequently long fuel queues in cities such as Lagos and Abuja often causing significant traffic congestion.
Challenges and Opportunities
Under these challenging macroeconomic conditions, Nigeria witnessed the exit of several multinational companies. consumer goods multinational Procter & Gamble (P&G) announced that it would stop local manufacturing and restructure its Nigeria operation to focus exclusively on imports.
Other multinationals like Unilever, PZ Cussons, GlaxoSmithKline (GSK), and Sanofi cited foreign exchange challenges brought on by the steep devaluation of the naira, high inflation, and an erosion of consumer purchasing power as reasons for exiting the market.
Additional significant impediments to doing businesses in Nigeria include often inadequate power supply, deficient transportation infrastructure, a slow and ineffective judicial system, and endemic public sector corruption.
However, despite these headwinds, opportunities remain for companies willing to enter and remain in the market in the long run. Reforms are beginning to show improvement on Nigeria’s macroeconomic outlook: foreign exchange reserves rose from $32.9 billion at the end of 2023 to more than $40 billion by mid-December 2024.
The Government’s fiscal deficit also narrowed from 6.2 percent in the first half of 2023 to 4.4 percent through the first half of 2024, according to an October report from the World Bank.
Trade and Investment
In 2023, Nigeria ranked 55th among the United States’ trade partners. U.S. exports of goods and services to Nigeria were $4.8 billion, down 9.3 percent from 2022, and imports from Nigeria were $6.4 billion, up 18.4 percent from 2022. Two-way trade increased to $11.2 billion.
While oil continues to be a key player, contributing 5.7 percent to Nigeria’s GDP in Q2 2024, the country has been making efforts to reduce its dependency on oil revenue, which now accounts for 29 percent of government revenues, down from previous years.
Nigeria’s non-oil sectors, including agriculture, solid minerals, and manufacturing, are experiencing growth, with agriculture leading the shift through a surge in exports such as sesame seeds and cocoa. Non-oil sectors like solid minerals and manufacturing also saw substantial gains.
In 2024, Nigeria’s digital economy accounted for nearly 20 percent of GDP in Q2, almost four times oil’s contribution. The government’s strategic emphasis on expanding the digital economy is positioning Nigeria to diversify away from oil reliance.
The growth in the digital economy aligns with Nigeria’s goals to boost technological infrastructure and upskill its youth population, which are central to its future economic plans.
Furthermore, the Nigerian government has been pushing reforms and investment in areas such as rural infrastructure and energy supply to support diversification efforts. As non-oil sectors continue to expand, Nigeria’s economy is moving toward a more balanced, resilient model that capitalizes on its diverse natural resources, exploding youth population, and technological innovation.
The United States and Nigeria have a bilateral Trade and Investment Framework Agreement (TIFA), and Nigeria is eligible for preferential trade benefits under the African Growth and Opportunity Act (AGOA).
In January 2024, then-Secretary of State Anthony Blinken visited Abuja and Lagos and cemented a renewal of confidence in the bilateral relationship with Nigeria. In May, the United States Senate confirmed Ambassador Richard Mills, Jr.
The CIP focuses on deepening bilateral trade and investment and removing barriers to trade in agriculture, the digital economy, and infrastructure. Department of Commerce released a Joint Statement on Harnessing Artificial Intelligence with Nigeria’s Ministry of Communications, Innovation, and Digital Economy.
This sustained engagement demonstrates the importance of Nigeria as a regional center of democracy, business, and stability on the African continent. Nigeria plays an important leadership role in both West Africa and on the African continent.
Regional Influence
The headquarters of the Economic Community of West African States (ECOWAS) is in Nigeria’s capital of Abuja. Nigeria represents roughly 70 percent of the 15-country ECOWAS GDP and over half of the ECOWAS region’s population.
In 2019, Nigeria signed the African Continental Free Trade Agreement (AfCFTA) aimed at creating intra-African trade and a $3.4 trillion economic bloc across Sub-Saharan Africa.
Nigeria signed the AfCFTA agreement in 2019, but full implementation has been slow. Nigeria’s concerns include protecting local industries, inadequate infrastructure, and a need for comprehensive policy reforms to ensure Nigeria can maximize the benefits of AfCFTA.
Nigeria can be a lucrative market for companies that can learn to navigate a complex, opaque, and evolving business environment. The Tinubu Administration has as a key objective improving the business environment, and the economy is showing signs of improving in the medium term.
Established multinationals have deciphered operating in this challenging regulatory environment and have even doubled down on investments with a look to the medium and long term. These companies can make substantial profits despite the country’s low level of income and logistical difficulties.
Sector-Specific Opportunities
As a leading African oil producer, Nigeria is actively seeking foreign investment to boost production and enhance its oil and gas infrastructure, underpinned by reforms like the Petroleum Industry Act of 2021. Significant opportunities exist in liquified natural gas (LNG) production, exemplified by the $10 billion Nigeria LNG Train 7 project, as well as upstream and downstream services, gas processing, and infrastructure development.
The mining sector also offers promising potential, particularly in solid minerals like lithium, gold, and zinc, bolstered by regulatory reforms and infrastructure initiatives. However, companies must navigate hurdles such as security issues, foreign exchange controls, host community relations, pipeline vandalism and other crimes of opportunity, and environmental concerns.
Power Sector
In 2024, Nigeria’s power sector continued to face challenges in meeting demand and delivering reliable electricity, with an installed generation capacity of 12,910 MW across 23 grid-connected plants, but an available generation averaging only 4,500 MW-far below the estimated demand of 40,000 MW for a population exceeding 200 million.
Large hydro projects account for about 20 percent of grid-connected generation, while transmission losses and revenue collection inefficiencies persist. Additionally, electricity transmission towers in northern states are targets for terrorists.
To address these issues, the government is pursuing ambitious targets to increase electricity access from 45 percent to 90 percent by 2030 and achieve 30,000 MW of generation capacity, with 30 percent from renewable energy sources. Key initiatives include reforms to attract private investment, improve sector efficiency, and reduce transmission losses.
Nigeria’s Renewable Electrification Action Program (REAP) highlights its vast renewable energy potential in hydro, biomass, wind, solar, and geothermal resources, with solar, wind, and biomass prioritized for expanding green energy.
Popular articles:
tags: #Nigeria
