The Nigerian Exchange’s benchmark All-Share Index (NGX-ASI) has delivered a remarkable performance over the past two years, climbing from 55,738.35 points on May 30, 2023, to 145,367.03 points as of August 14, 2025. This represents a 160.8 percent increase, underscoring a period of strong market momentum and investor confidence across multiple sectors.
The rally has been fueled by a combination of macroeconomic reforms, sector-specific tailwinds, and earnings resilience from listed companies.
One of the most significant catalysts was the removal of fuel subsidies and the liberalization of the foreign exchange market in mid-2023. These measures altered fiscal and monetary expectations, unlocked new revenue potential for exporters, and re-rated several sectors positively. The banking industry, in particular, has been a major beneficiary of these changes. The Central Bank of Nigeria’s bank recapitalization program, which raised the minimum paid-in capital requirement to as much as ₦500 billion for internationally authorized banks, spurred expectations of stronger balance sheets, mergers, and rights issues, boosting valuations.
Interest rate policy also played a key role. While the Monetary Policy Rate has remained elevated at 27.50 percent, which can normally constrain valuations, Nigeria’s inflationary environment and currency adjustments have pushed nominal revenues and earnings higher. Investors have responded by pricing in these stronger nominal fundamentals.
Sector performance has been broad-based. Banks have seen significant gains from asset repricing and foreign exchange revaluation effects. Industrial and commodities-linked companies have benefited from pricing power and currency translation gains. Increased market participation from institutional investors has also deepened liquidity and broadened market coverage.
Market analysts note that the reforms have fostered a perception of long-term stability despite near-term economic challenges. With the NGX-ASI surpassing several major milestones, including the 130,000-point mark in July 2025, the rally has been one of the strongest in the exchange’s recent history.
Looking ahead, market direction will depend on several factors, including the timing and size of bank capital raises, the stability of the foreign exchange regime, potential changes in interest rates, and the continued implementation of structural reforms.
NGX-ASI Performance Overview
| Date | NGX-ASI Level | Notes |
|---|---|---|
| May 30, 2023 | 55,738.35 | First trading day after inauguration |
| Aug 14, 2025 | 145,367.03 | Latest close used |
| Change | +160.8% | Computed from the two closes above |
