At a Glance
- BUA Foods tops the Nigerian Exchange with a market value of N11.3 trillion ($7.72 billion).
- MTN Nigeria gains over 135% as telecom demand boosts stock performance in 2025.
- Dangote Cement, BUA Cement, and Seplat Energy anchor Nigeria’s industrial and energy growth.
The Nigerian Exchange Limited (NGX) has sustained strong momentum in 2025, lifted by active domestic participation and record equity trading.
Market capitalization stands at N93.3 trillion ($63.77 billion), with the NGX All-Share Index up more than 42 percent year to date, reflecting resilient investor appetite despite global and domestic pressures.
Gains have been broad, led by banking, consumer goods, and insurance stocks. Insurance has been the standout, with its index nearly doubling this year on renewed confidence in sector profitability.
Consumer goods have surged, with BUA Foods driving the NGX Consumer Goods Index up more than 90 percent, underscoring resilient demand despite inflation.
Trading remains active, with billion-share sessions fueled by liquidity from institutional and retail investors. Strong bank earnings, dividends, and expansion plans continue to lift sentiment.
Short-term pullbacks have occurred, but they mostly reflect portfolio rebalancing rather than fading confidence.
As of October 10, the NGX shows resilience and diversity, with banking, insurance, and consumer goods anchoring performance.
Based on data from the Nigerian Exchange (NGX), analyzed by Shore.Africa, here is the ranking of the NGX’s ten (10) most valuable companies as of Friday, October 10, 2025.
1. BUA Foods Plc
Market Cap: N11.3 trillion ($7.72 billion)
Sector: Food and infrastructure sector
BUA Foods leads as the most valuable company on the Nigerian exchange (NGX), valued at N11.3 trillion ($7.72 billion). The food-processing giant controlled by billionaire Abdul Samad Rabiu, who is also Nigeria’s second richest man, now accounts for 12.1 percent of the Nigerian Exchange (NGX)’s total equity market value, underscoring Nigeria’s expanding consumer goods sector. Starting 2025 at N415 ($0.28) per share, it has gained over 51 percent. Its leadership in sugar, flour, and edible oils positions it as a major player in Africa’s food and agribusiness landscape.
2. MTN Nigeria Plc
Market Cap: N9.89 trillion ($6.76 billion)
Sector: Telecommunications
MTN Nigeria, the country’s top telecom provider, is the second most valuable stock on the NGX, with a market cap of N9.89 trillion ($6.76 billion), representing 10.03 percent of the exchange. MTN shares have surged this year by more than 135 percent from N200 to N471 as of close of trading on Friday, Oct. 10, 2025. MTN remains committed to bridging connectivity gaps and providing vital digital solutions to millions of Nigerians. MTN Nigeria makes up about 10.6 percent of the entire Nigerian Stock Exchange equity market.
3. Dangote Cement Plc
Market Cap: N9.7 trillion ($6.63 billion)
Sector: Construction
Dangote Cement ranks as the third most valuable company on the Nigerian exchange (NGX), valued at N9.7 trillion ($6.63 billion), representing 10.4 percent of the market. Starting 2025 at N 478.8, it has gained 20.09 percent as of the close of market sessions on Friday, Oct. 10, 2025, ranking 99th in year-to-date performance. Known for its dominance in the African cement industry, the company continues to drive infrastructure development across the continent, contributing significantly to Nigeria’s industrial growth.
4. Airtel Africa Plc
Market Cap: N8.68 trillion ($5.93 billion)
Sector: Telecommunications
Airtel Africa ranks number four (4) on the Nigerian Exchange with a market capitalization of N8.68 trillion ($5.93 billion), representing 9.31 percent of the exchange’s equity market. The stock opened 2025 at N 2,156.9 and has since risen 7.12 percent to N2,310.50. With operations across 14 African countries, the company remains a cornerstone of Nigeria’s digital transformation.
5. BUA Cement Plc
Market Cap: N5.38 trillion ($3.68 billion)
Sector: Construction
BUA Cement, Nigeria’s second-largest cement producer, mirrors Dangote Cement’s success in infrastructure development. With factories in Sokoto, Okpella, and South-South Nigeria, its combined plant capacity exceeds 11 million metric tons annually. Ranking 5th on the NGX with a market cap of N5.38 trillion ($3.68 billion), BUA Cement accounts for 5.77 percent of the market, solidifying its position in Nigeria’s construction sector.
6. Seplat Energy Plc
Market Cap: $3.55 trillion ($2.43 billion)
Sector: Oil and gas sector
Seplat Energy highlights Nigeria’s pivotal role in driving economic growth through its oil and gas sector. With a market cap of $3.55 trillion ($2.43 billion), Seplat Petroleum is the sixth most valuable stock on the NGX, representing 3.8 percent of total equity. Starting the year at N5,700, the stock has increased 3.81 percent. Seplat’s gas development investments support Nigeria’s energy transition goals.
7. Guaranty Trust Holding Co. Plc
Market Cap: N3.46 trillion ($2.37 billion)
Sector: Financial services
GTCO, Nigeria’s leading banking institution, is renowned for its innovative financial solutions and robust retail and corporate banking services. The bank ranks 7th on the NGX with a market cap of N3.46 trillion ($2.37 billion), representing 3.71 percent of the exchange. The NGX list highlights the dominance of industrial, telecommunications, and energy sectors, which are driving Nigeria’s economic growth. With rising investor confidence and increased domestic participation, the exchange is poised for continued upward momentum.
8. Geregu Power Plc
Market Cap: N2.85 trillion ($1.95 billion)
Sector: Power
Geregu Power, the eighth most valuable stock on the NGX with a market cap of N2.85 trillion ($1.95 billion), represents 3.06 percent of the market. Its share price has declined marginally by 0.74 percent from N1150 at the start of the year, ranking 130th in year-to-date performance. The company’s focus on efficient energy production fuels its impressive market valuation.
9. Zenith Bank Plc
Market Cap: N2.81 trillion ($1.92 billion)
Sector: Banking
Zenith Bank, the ninth (9th) most valuable stock on the NGX with a market capitalization of N2.81 trillion ($1.92 billion), represents 3.02 percent of the market. The lender’s strong earnings, large customer base, and digital banking drive underpin its market standing.
10. Aradel Holdings Plc
Market Cap: N2.73 trillion ($1.87 billion)
Sector: Energy
Formerly Ardova Plc, Aradel Holdings mirrors Nigeria’s evolving energy landscape, blending traditional oil production with renewable energy investments. Ranked 10th on the NGX with a market cap of N2.73 trillion ($1.87 billion), or 2.92 percent of the exchange, the stock closed its IPO day (Oct 14, 2024) at NGN 772.90. Since then, it has dropped 18.75 percent, ranking 109th in year-to-date performance.
