Some counters deliver returns of nearly 1,000% as market value of ICT stocks jumps to N18.6trn
Technology stocks listed on the Nigerian Exchange (NGX) have emerged as one of the strongest-performing asset classes in 2025, delivering exceptional returns and firmly positioning the ICT sector as a major attraction for investors.
Spanning fibre-optic infrastructure, computer hardware, electronic payment platforms, and voice and broadband services, ICT companies have recorded sharp price rallies this year, with gains running as high as 993% for some stocks.
Data from the Exchange show that the combined market capitalisation of actively traded ICT stocks rose 58 per cent year-on-year to N18.61 trillion in November 2025, compared with N11.7 trillion in November 2024, underlining the sector’s growing influence on the equities market.
Beyond share price appreciation, the sector continues to play a critical role in Nigeria’s economy, providing digital infrastructure that supports banks, manufacturers, retailers and service providers, while driving efficiency and innovation across industries.
The ICT stocks are spread across large-, mid- and small-cap segments of the market, with some included on premium indices such as the NGX Premium Board and the NGX 30. As a result, their performance has increasingly influenced movements in the broader All-Share Index.
Out of the nine ICT-related stocks listed on the Exchange, seven posted positive returns between January 1 and November 30, 2025, reflecting broad-based momentum within the sector.
Market capitalisation surges
The sharp rise in market capitalisation largely mirrors sustained gains in share prices, with the number of shares outstanding remaining relatively stable across the sector.
At the close of trading in November 2024, the combined market value of the seven outperforming ICT stocks stood at N11.77 trillion. By November 2025, this figure had climbed to N18.61 trillion.
MTN Nigeria carried the largest weight in the sector, with its market capitalisation expanding from about N3.5 trillion a year earlier to roughly N9.8 trillion. Airtel Africa ranked second, growing to approximately N8.5 trillion from N8.1 trillion.
Among mid- and small-cap stocks, eTranzact recorded a market value of N132.9 billion, up from N69.0 billion, while CWG expanded to N45.3 billion from N14.5 billion. Chams Holdings, NCR Nigeria, and Omatek closed November 2025 with market capitalisations of N19.6 billion, N5.9 billion, and N3.4 billion, respectively.
Share prices soar
An analysis of price performance between January and November 2025 highlights the scale of investor enthusiasm for ICT stocks.
NCR Nigeria led the rally, with its share price surging 993 per cent, climbing from N5.00 to N54.65. MTN Nigeria followed with a 135.3 per cent increase to N531.70, while CWG advanced 133 per cent to N17.95.
Other strong performers included eTranzact, which gained 122.31 per cent to N14.45, Chams Holdings, up 61.2 per cent to N2.95, Omatek, which rose 60.27 per cent, and Airtel Africa, which added 5.24 per cent over the period.
The widespread gains point to renewed investor confidence in the sector and growing recognition of the strategic importance of technology-driven businesses.
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