Nigeria’s equities market delivered one of its strongest re-ratings in recent history in 2025, as a handful of large-cap companies pulled the overall market to record valuations.
At the centre of that surge were consumer goods heavyweight BUA Foods Plc, telecoms giant MTN Nigeria Plc, and industrial bellwether Dangote Cement Plc, whose combined market capitalisation now accounts for a significant share of the Nigerian Exchange’s total equity value.
The rally reflects a sharp turnaround in corporate earnings after two bruising years marked
