- Blue-Chip, Insurance Stocks Tipped for Strong 2025 Performance
Managing Director and Chief Executive Officer of APT Securities and Funds Limited, Kasimu Garba Kurfi, has projected that the Nigerian Exchange (NGX) market capitalisation will surpass N100 trillion by the end of 2025, buoyed by foreign exchange stability, strong corporate fundamentals, and increased primary market activities.
Speaking at the Mid-Year 2025 Capital Market Review and Outlook organised by the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos, Kurfi said the second half of the year will witness improved market performance, with inflation expected to slow, the Central Bank of Nigeria (CBN) likely to cut the Monetary Policy Rate (MPR), and treasury bill yields projected to fall.
He added that the Purchasing Managers’ Index (PMI) should rise, while the exchange rate will remain relatively stable, creating a favourable environment for equities.
According to him, the NGX will end the year stronger than 2024, with a market correction in the short-term paving the way for sustained gains.
He noted that more financial institutions are expected to recapitalise, while primary market activities will remain active in the months ahead.
Kurfi identified key drivers of the 2025 market rally, including the elimination of foreign exchange-related losses by companies. He pointed out that in 2024, listed firms posted pre-tax FX losses of N507.2 billion, up from N359 billion in 2023, representing a combined N867 billion in losses.
“In 2025, we have so far seen zero FX losses due to exchange rate stability, and this has significantly boosted investor confidence,” he said.
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