Investor attention on the Nigerian Exchange (NGX) has increasingly gravitated toward technology-related stocks in 2025, as the ICT sector delivers some of the market’s most impressive returns. From fibre optics and broadband services to electronic payments and computer hardware, listed technology companies have not only posted strong share price gains but have also reinforced their role as critical enablers of Nigeria’s modern economy.
Over the year, the sector has produced standout performances, with gains running into triple digits for several players and an extraordinary 993 per cent rally recorded by one stock. This surge has firmly placed ICT equities among the Exchange’s brightest stories in 2025.
At a sector level, performance has been equally striking. The combined market capitalisation of ICT stocks that recorded positive returns climbed by 58 per cent year on year, rising to N18.61 trillion in November 2025 from N11.7 trillion in the corresponding period of 2024. This rapid expansion reflects not only higher share prices but also growing investor confidence in the long-term relevance of technology-driven businesses.
Beyond capital market returns, ICT companies continue to play a foundational role in Nigeria’s economy. Their infrastructure supports banks, manufacturers, retailers and service providers, enabling digital payments, communications and operational efficiency across multiple industries. This strategic importance has helped sustain interest in the sector, even amid broader market volatility.
ICT stocks on the NGX are spread across large-, mid- and small-cap segments, with some included in flagship indices such as the Premium Board and the NGX 30. As a result, their performance increasingly influences movements in the broader All-Share Index, amplifying their significance to the market as a whole.
Of the nine ICT stocks listed on the Exchange, seven posted positive returns between 1 January and 30 November 2025. Their rising market values underscore the momentum building across the sector.
Market capitalisation on the rise
The strong price performance of these stocks has translated directly into higher market capitalisation, as shares outstanding have remained largely unchanged. By the final trading day of November 2024, the combined market value of the seven advancing ICT stocks stood at N11.77 trillion. By November 2025, that figure had surged to N18.61 trillion.
MTN Nigeria accounted for the largest share of this growth, with its market capitalisation jumping from about N3.5 trillion to roughly N9.8 trillion within a year. Airtel Africa followed as the second-largest ICT stock, with a market value of approximately N8.5 trillion, up from N8.1 trillion.
Mid- and small-cap stocks also recorded notable expansion. eTranzact’s market capitalisation rose to N132.9 billion from N69.0 billion, while CWG grew to N45.3 billion from N14.5 billion. Chams Holdings, NCR and Omatek closed November 2025 with market values of N19.6 billion, N5.9 billion and N3.4 billion respectively.
These increases largely reflect sustained share price appreciation and signal growing confidence in the sector’s earnings potential and long-term prospects.
Share prices deliver standout gains
A closer look at share price movements from 1 January to 30 November 2025 highlights the scale of investor returns. NCR (Nigeria) led the sector, with its share price surging by 993 per cent from N5.00 to N54.65. MTN Nigeria followed with a 135.3 per cent increase, rising from N200 to N531.70, while CWG gained 133 per cent to close at N17.95.
Other ICT stocks also posted solid gains. eTranzact advanced by 122.31 per cent to N14.45, Chams Holdings rose 61.2 per cent to N2.95, Omatek gained 60.27 per cent, and Airtel Africa recorded a 5.24 per cent increase over the same period.
Collectively, these movements point to renewed investor interest in technology-related equities and a reassessment of their growth potential within the Nigerian market.
Analysts weigh in
Market analysts attribute the sector’s strong showing to a combination of macroeconomic stability and improving fundamentals. Muktar Mohammed, Chief Executive Officer of Asher Investment Ltd, noted that relatively stable macroeconomic conditions in 2025—particularly exchange rate stability—have provided a supportive backdrop for ICT companies. He added that the expanding role of their services, especially within the banking sector, has helped attract investor interest.
Samuel Oyekanmi, Research and Insight Lead at Norrenberger Financial Group, observed that while higher tariffs have boosted profitability for some major players, they have also contributed to positive sentiment across several mid- and small-cap ICT stocks.
Both analysts agree that the sector’s relevance to financial services and other key industries continues to strengthen its appeal, positioning ICT stocks as an increasingly important component of the Nigerian Exchange in 2025.