APT Securities and Funds Limited has forecast that the Nigerian Exchange (NGX) market capitalisation will exceed ₦100 trillion by the end of 2025, fuelled by exchange rate stability, robust corporate earnings, and vibrant primary market activity.
Speaking at the Mid-Year 2025 Capital Market Review and Outlook organised by the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos, Managing Director/CEO Kasimu Garba Kurfi predicted a stronger second-half performance for the bourse, driven by easing inflation, potential cuts in the Monetary Policy Rate (MPR), falling treasury yields, and a steady naira.
He said recent short-term corrections would pave the way for sustained gains, with more banks expected to recapitalise and fresh listings boosting market depth.
Kurfi noted that Nigerian listed firms recorded a combined ₦867 billion in pre-tax FX losses across 2023 and 2024, but “in 2025, we have seen zero FX losses due to exchange rate stability,” a shift he said had bolstered investor confidence.
He added that the Nigerian Insurance Industry Reform Act (NIIRA 25) had sparked a rally in insurance stocks, while the CBN’s recapitalisation programme attracted over ₦2 trillion in 2024, with similar inflows projected this year.
Foreign portfolio investment has also surged — accounting for 27.08% (₦1.14 trillion) of market participation in July 2025, up from under 10% in 2023 — while daily turnover now averages ₦25–₦30 billion, compared with ₦5 billion in previous years.
By August 7, NGX equity capitalisation had risen to ₦92.73 trillion from ₦62.66 trillion in December 2024, with the All-Share Index up 41.61% to 146,569.35 points. Sector leaders include the Consumer Goods Index (+81.11%), Insurance Index (+74.18%), and NGX Lotus II (+73.34%).
Kurfi urged investors to prioritise blue-chip stocks with strong fundamentals and insurance companies expanding into asset management, while balancing portfolios with fixed-income instruments to hedge against inflation and currency risks.
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