Nigeria's equities market witnessed a strong resurgence in 2025, propelled by heavyweight companies such as BUA Foods, MTN Nigeria, and Dangote Cement, leading the Nigerian Exchange (NGX) to unprecedented valuations. This follows years of economic challenges marked by currency fluctuations, inflationary pressures, and policy uncertainties.

The market's rebound is attributed to renewed investor confidence fueled by expectations of improved corporate earnings, supported by a more stable foreign exchange environment, stronger pricing strategies, and a recovering consumer demand. BUA Foods emerged as a frontrunner with its valuation exceeding N14.4 trillion, driven by a more than doubling of profits. MTN Nigeria followed closely, reaching N12.2 trillion, buoyed by a return to profitability and the resumption of dividend payouts. Dangote Cement's valuation hit N10.7 trillion, benefiting from strategic pricing and foreign exchange gains.

Data indicates that this recovery is concentrated among a few corporate giants rather than reflecting broad-based market strength. The performance of these key players underscores the potential for significant growth within the Nigerian market when macroeconomic conditions improve.

In a related development within the African mining sector, Ghana is planning to overhaul its mining policies by scrapping long-term stability agreements and increasing royalty rates. This move, according to the country’s mining regulator, aims to capture more revenue from rising gold prices.

Acting Minerals Commission CEO Isaac Tandoh stated that a draft bill would be submitted to parliament by March, signalling a major policy shift. Ghana's reforms reflect a growing trend across Africa to balance investor confidence with the need for increased government revenue from natural resources.

Looking ahead, market analysts suggest that the performance of BUA Foods, MTN Nigeria, and Dangote Cement will continue to be a key indicator of the overall health of the Nigerian equities market. Sustained FX stability and continued improvements in consumer demand will be crucial for maintaining this positive trajectory.