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The Nigerian Exchange, explained
Index moves, market size and the forces behind them, from interest rates to earnings season.
How the NGX is performing
Figures are the closing values for the previous trading day.
Weekly market tables
Top gainers and losers, sector indices, most traded stocks, investor mix and corporate actions. Updated every Saturday.
Top 5 gainers
Published every Saturday.
Top 5 losers
Published every Saturday.
Sector performance
Banking, industrial goods, consumer goods, oil and gas and insurance indices, every Saturday.
Most traded
By volume and value, every Saturday.
Domestic vs foreign investors
From the NGX domestic and foreign portfolio investment report, published monthly.
Corporate actions
Dividends, qualification dates, AGMs and upcoming listings.
The best performing stocks this year
Share price change since the last close of 2025. Price change only; dividends would add to the return. Past performance is not a guide to the future.
Updated every Saturday with the weekly market tables.
The largest listed companies
Ranked by market capitalisation at the end of the week. A handful of companies make up a large share of the All-Share Index, so their moves drive the whole market.
Updated every Saturday with the weekly market tables.
Did stocks beat inflation?
Annual NGX return against consumer price inflation. The real return is what is left after inflation. Price returns only; dividends would add to them.
How to buy Nigerian shares
The usual steps for a first-time investor. This is general information, not investment advice.
- Choose a stockbrokerOpen an account with a stockbroking firm registered with the Securities and Exchange Commission (SEC) and licensed by the Nigerian Exchange. You can check a broker on the SEC and NGX websites.
- Get your CSCS accountYour broker opens an account for you at the Central Securities Clearing System (CSCS), which holds your shares electronically and gives you a clearing house number (CHN).
- Complete your KYCYou will need your BVN, a valid ID, proof of address and your bank details. Investors abroad also need a Nigerian bank account or an approved foreign-currency route.
- Fund and place ordersPay into your broker account and instruct the broker to buy. Brokerage commission and exchange and clearing fees are charged on each trade; ask your broker for the full list.
- Collect dividendsFill an e-dividend mandate with each company’s registrar so dividends go straight to your bank account. Dividends arrive after 10% withholding tax is deducted.
- Keep recordsKeep contract notes and statements. You need them to work out capital gains when you sell.
What you pay from 2026
Under the Nigeria Tax Act 2025, gains on shares are taxed at income tax rates, with an exemption for smaller investors.
| Item | Individuals | Companies |
|---|---|---|
| Dividends | 10% withholding tax, deducted before payment | 10% withholding tax, deducted before payment |
| Gains on selling shares | Added to income and taxed at personal income tax rates (0% to 25%) | Taxed with company profits: 30% (0% for small companies), plus the 4% development levy |
| Exemption | No tax if total sale proceeds are below ₦150 million and total gains are no more than ₦10 million in any 12 months | Check section 34 of the Act with your adviser; the threshold is aimed at smaller investors |
| Reinvestment relief | If you go over the threshold, gains are not taxed when the sale proceeds are reinvested in shares of Nigerian companies. Partial reinvestment is taxed on the part not reinvested. The time allowed to reinvest (same tax year or 12 months) is still being clarified. | |
Section 34 of the Nigeria Tax Act 2025 and the Presidential Fiscal Policy and Tax Reforms Committee statement of 12 November 2025. See our Taxation page for rates and deadlines. Check your position with a tax adviser.
Charts and historical trends
Choose a time range, hover for values, and download the data behind each chart.
Coming next: FGN bond yields and sector indices are being added to the Data Hub.
How Nigeria compares
Latest available year for each country, from the same international source. Nigeria is highlighted.
- Egypt24.3% 2024
- Nigeria18.5% 2025
- Kenya16.6% 2024
- Rwanda16.0% 2024
- South Africa10.7% 2025
- Ethiopia8.0% 2008
- Côte d'Ivoire5.3% 2016
- Senegal5.3% 2016
- Kenya13.0% 2024
- South Africa7.7% 2025
- Rwanda7.3% 2024
- Côte d'Ivoire6.6% 2016
- Senegal4.3% 2016
- Nigeria4.0% 2025
- Egypt-7.0% 2024
- Ethiopia-17.1% 2008
What each indicator means
Definitions, units, how often each figure is published and who publishes it. Each chart shows its reference period.
| Indicator | Definition | Unit | Frequency | Source |
|---|---|---|---|---|
| NGX All-Share Index (ASI) | A measure of the prices of all ordinary shares listed on the Nigerian Exchange. | Index points | Daily | Nigerian Exchange (NGX) |
| Equity market capitalisation | The total market value of all listed ordinary shares. | ₦ trillion | Daily | NGX |
| Treasury bill stop rate | The highest rate accepted at a primary auction of Federal Government Treasury bills. | % a year | Fortnightly auctions | CBN and Debt Management Office (DMO) |
| FGN bond yield | The return an investor earns on a Federal Government bond held to maturity. | % a year | Monthly auctions; daily trading | DMO; FMDQ |
| Real return | The nominal return minus the effect of inflation over the same period. | % | Annual | Eco Data Technologies calculation from NGX and NBS data |
How these figures are compiled
Index levels are closing values reported by the NGX. Annual returns compare year-end closes. Real returns are calculated as (1 + return) ÷ (1 + inflation) − 1 using December headline inflation. Market data is for information only and is not investment advice.
Get the data
- NGX All-Share Index: year-end close and annual return, 2015–2025 CSVExcelJSON
- NGX returns compared with inflation, 2015–2025 CSVExcelJSON
- Treasury bill stop rates, 28 October 2026 auction CSVExcelJSON
- Monetary Policy Rate, monthly (2016–2026) CSVExcelJSON
- NGX All-Share Index: daily close CSVExcelJSON
Analysis and publications on this topic
See also: Money markets · Investment
What is driving the market
Rates and equities
Falling T-bill yields push investors toward stocks. Track the spread between the 364-day bill and dividend yields.
Banking recapitalisation
Capital raises by banks have reshaped the index. Watch listings, rights issues and how new shares are absorbed.
Earnings season
Quarterly results drive sector rotation. We summarise results against expectations for the most traded names.
Market data is for information only and is not investment advice.
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