Nigeria’s Billion-Dollar Club Doubles as Stock Market Booms in 2025
The Nigerian stock market is enjoying a historic run in 2025, solidifying its reputation as one of the most robust exchanges in Africa. As of August 1, the Nigerian Exchange (NGX) has surged by an impressive 37.25% year-to-date, unlocking ₦26.61 trillion in capital gains.
This bullish momentum has propelled the total market capitalization from ₦62.76 trillion at the start of the year to ₦89.37 trillion, marking a ₦26.61 trillion leap in just seven months. In dollar terms, the market’s value has grown from $41.84 billion to $58.4 billion, an astonishing $17.4 billion gain—a feat largely driven by an influx of investor interest.
The Rise of the Billion-Dollar Giants
A major highlight of this rally is the doubling of Nigerian companies with market capitalizations above $1 billion. At the end of 2024, only 10 companies held that elite status. Now, as of August 1, 18 companies have crossed that threshold—ushering in a new era of market power and investor confidence.
Let’s take a closer look at these billion-dollar heavyweights:
MTN Nigeria – $6.6 Billion
MTN Nigeria leads the pack, becoming the first Nigerian company to surpass ₦10 trillion in market value. Its share price hit an all-time high of ₦480, reflecting a 140% appreciation this year. The company started 2025 with a market cap of $2.8 billion and has now more than doubled that figure.
Dangote Cement – $5.8 Billion
The continent’s cement king, Dangote Cement, has seen modest gains this year—up 9% to ₦8.9 trillion. In dollar terms, that translates to a $400 million growth since January.
BUA Foods – $5.7 Billion
Nigeria’s leading consumer goods giant has returned 16% in capital gains year-to-date, lifting its valuation from $5 billion to $5.7 billion. A strong performance in the food sector has kept investors optimistic.
Airtel Africa – $5.7 Billion
Just trailing BUA Foods is telecom giant Airtel Africa, also valued at $5.68 billion. The company has seen a 7% increase in share price since January.
️ BUA Cement – $3.3 Billion
Another asset in billionaire Abdulsamad Rabiu’s empire, BUA Cement has posted a remarkable 59% rise in value this year. Its market cap now sits at ₦5 trillion, up from ₦3.1 trillion.
GTCO Holdings – $2.4 Billion
GTCO stands as Nigeria’s largest bank by market cap, growing from ₦1.7 trillion to ₦3.6 trillion—a 119% surge. Its dollar valuation jumped from $1.1 billion to $2.4 billion.
⛽ Seplat Energy – $2.1 Billion
Seplat Energy saw a marginal 3% dip this year, dropping from $2.2 billion to $2.1 billion due to weakness in the energy sector. Nonetheless, it maintains its position among Nigeria’s top corporates.
Zenith Bank – $2.1 Billion
Zenith Bank has seen a remarkable 120% surge, growing from a $952 million market cap in January to $2.05 billion today. This makes it one of the most valuable financial institutions in Nigeria.
⚡ Geregu Power – $1.9 Billion
Despite a 1% decline in value year-to-date, Geregu Power retains its place in the billion-dollar club with a valuation of ₦2.85 trillion.
️ Lafarge Africa – $1.6 Billion
Joining other cement giants, Lafarge has posted an astonishing 113% gain this year. Its market cap doubled from ₦1.1 trillion to ₦2.4 trillion, reflecting robust investor sentiment.
⚡ Transcorp Power – $1.6 Billion
Despite a dip of 11% year-to-date, Transcorp Power remains in the big leagues with a valuation of ₦2.4 trillion, down from ₦2.7 trillion in January.
Nigerian Breweries – $1.5 Billion
The brewery sector is bubbling, as Nigerian Breweries delivered a 138% surge in valuation this year. Starting at ₦991 billion, it now boasts ₦2.35 trillion, or $1.54 billion.
International Breweries – $1.5 Billion
Another big name in beverages, International Breweries, has also enjoyed a 149% YTD gain, jumping from ₦934 billion to ₦2.3 trillion.
️ Aradel Holdings – $1.5 Billion
This upstream oil player has seen a 13% decline in 2025, with its valuation falling from $1.73 billion to $1.48 billion. The energy sector’s broader weakness has taken a toll on the stock.
UBA – $1.3 Billion
UBA’s stellar 74% growth this year has pushed its market cap from $775 million to $1.3 billion. In local currency, that’s a jump from ₦1.16 trillion to ₦2 trillion.
Stanbic IBTC Holdings – $1.05 Billion
Stanbic IBTC has had a solid year, doubling in value with a 115% gain. It started 2025 at ₦746 billion and now sits at ₦1.6 trillion, or $1.05 billion.
Presco – $1.01 Billion
Agribusiness is thriving in Nigeria, and Presco Plc proves it. The palm oil giant has gained a staggering 226% this year, rising from ₦475 billion to ₦1.55 trillion.
Transcorp Hotels – $1 Billion
Rounding off the list is Transcorp Hotels, the only hospitality firm to reach this milestone. The company grew 29% year-to-date, with a market cap now at ₦1.53 trillion.
The Billion-Dollar Takeaway
With 18 companies now worth over $1 billion on the NGX, Nigeria’s capital market is entering a new phase of growth, resilience, and investor confidence. These gains are not just numbers—they reflect real value creation, job growth, and economic optimism in Africa’s largest economy.
And with more IPOs and sector reforms expected in the months ahead, the list of billion-dollar companies may continue to grow.
The Nigerian stock market is enjoying a historic run in 2025, solidifying its reputation as one of the most robust exchanges in Africa. As of August 1, the Nigerian Exchange (NGX) has surged by an impressive 37.25% year-to-date, unlocking ₦26.61 trillion in capital gains.
This bullish momentum has propelled the total market capitalization from ₦62.76 trillion at the start of the year to ₦89.37 trillion, marking a ₦26.61 trillion leap in just seven months. In dollar terms, the market’s value has grown from $41.84 billion to $58.4 billion, an astonishing $17.4 billion gain—a feat largely driven by an influx of investor interest.
The Rise of the Billion-Dollar Giants
A major highlight of this rally is the doubling of Nigerian companies with market capitalizations above $1 billion. At the end of 2024, only 10 companies held that elite status. Now, as of August 1, 18 companies have crossed that threshold—ushering in a new era of market power and investor confidence.
Let’s take a closer look at these billion-dollar heavyweights:
MTN Nigeria – $6.6 Billion
MTN Nigeria leads the pack, becoming the first Nigerian company to surpass ₦10 trillion in market value. Its share price hit an all-time high of ₦480, reflecting a 140% appreciation this year. The company started 2025 with a market cap of $2.8 billion and has now more than doubled that figure.
Dangote Cement – $5.8 Billion
The continent’s cement king, Dangote Cement, has seen modest gains this year—up 9% to ₦8.9 trillion. In dollar terms, that translates to a $400 million growth since January.
BUA Foods – $5.7 Billion
Nigeria’s leading consumer goods giant has returned 16% in capital gains year-to-date, lifting its valuation from $5 billion to $5.7 billion. A strong performance in the food sector has kept investors optimistic.
Airtel Africa – $5.7 Billion
Just trailing BUA Foods is telecom giant Airtel Africa, also valued at $5.68 billion. The company has seen a 7% increase in share price since January.
️ BUA Cement – $3.3 Billion
Another asset in billionaire Abdulsamad Rabiu’s empire, BUA Cement has posted a remarkable 59% rise in value this year. Its market cap now sits at ₦5 trillion, up from ₦3.1 trillion.
GTCO Holdings – $2.4 Billion
GTCO stands as Nigeria’s largest bank by market cap, growing from ₦1.7 trillion to ₦3.6 trillion—a 119% surge. Its dollar valuation jumped from $1.1 billion to $2.4 billion.
⛽ Seplat Energy – $2.1 Billion
Seplat Energy saw a marginal 3% dip this year, dropping from $2.2 billion to $2.1 billion due to weakness in the energy sector. Nonetheless, it maintains its position among Nigeria’s top corporates.
Zenith Bank – $2.1 Billion
Zenith Bank has seen a remarkable 120% surge, growing from a $952 million market cap in January to $2.05 billion today. This makes it one of the most valuable financial institutions in Nigeria.
⚡ Geregu Power – $1.9 Billion
Despite a 1% decline in value year-to-date, Geregu Power retains its place in the billion-dollar club with a valuation of ₦2.85 trillion.
️ Lafarge Africa – $1.6 Billion
Joining other cement giants, Lafarge has posted an astonishing 113% gain this year. Its market cap doubled from ₦1.1 trillion to ₦2.4 trillion, reflecting robust investor sentiment.
⚡ Transcorp Power – $1.6 Billion
Despite a dip of 11% year-to-date, Transcorp Power remains in the big leagues with a valuation of ₦2.4 trillion, down from ₦2.7 trillion in January.
Nigerian Breweries – $1.5 Billion
The brewery sector is bubbling, as Nigerian Breweries delivered a 138% surge in valuation this year. Starting at ₦991 billion, it now boasts ₦2.35 trillion, or $1.54 billion.
International Breweries – $1.5 Billion
Another big name in beverages, International Breweries, has also enjoyed a 149% YTD gain, jumping from ₦934 billion to ₦2.3 trillion.
️ Aradel Holdings – $1.5 Billion
This upstream oil player has seen a 13% decline in 2025, with its valuation falling from $1.73 billion to $1.48 billion. The energy sector’s broader weakness has taken a toll on the stock.
UBA – $1.3 Billion
UBA’s stellar 74% growth this year has pushed its market cap from $775 million to $1.3 billion. In local currency, that’s a jump from ₦1.16 trillion to ₦2 trillion.
Stanbic IBTC Holdings – $1.05 Billion
Stanbic IBTC has had a solid year, doubling in value with a 115% gain. It started 2025 at ₦746 billion and now sits at ₦1.6 trillion, or $1.05 billion.
Presco – $1.01 Billion
Agribusiness is thriving in Nigeria, and Presco Plc proves it. The palm oil giant has gained a staggering 226% this year, rising from ₦475 billion to ₦1.55 trillion.
Transcorp Hotels – $1 Billion
Rounding off the list is Transcorp Hotels, the only hospitality firm to reach this milestone. The company grew 29% year-to-date, with a market cap now at ₦1.53 trillion.
The Billion-Dollar Takeaway
With 18 companies now worth over $1 billion on the NGX, Nigeria’s capital market is entering a new phase of growth, resilience, and investor confidence. These gains are not just numbers—they reflect real value creation, job growth, and economic optimism in Africa’s largest economy.
And with more IPOs and sector reforms expected in the months ahead, the list of billion-dollar companies may continue to grow.