ICT stocks on the Nigerian Exchange emerged as one of the strongest performers in 2025, with sharp share price gains and a significant expansion in market value underscoring rising investor confidence in the sector.
Covering fibre optics, computer hardware, electronic payments, and voice and broadband services, technology companies have become a major force on the Exchange. The combined market capitalisation of performing ICT stocks rose by 58 per cent year on year to N18.61 trillion in November 2025, compared with N11.7 trillion in November 2024, placing the sector firmly in the spotlight.
Beyond share price appreciation, the firms provide critical digital infrastructure that supports banking, manufacturing, retail and services, reinforcing their relevance to the wider economy. Spread across large-, mid- and small-cap segments, several of the stocks are listed on flagship indices such as the Premium Board and the NGX 30, meaning their performance increasingly influences movements in the broader All-Share Index.
Of the nine ICT stocks listed on the Exchange, seven posted positive returns between January 1 and November 30, 2025. With the number of shares outstanding largely unchanged, rising prices translated directly into higher market capitalisation. The combined market value of these stocks stood at N11.77 trillion at the end of November 2024 and climbed to N18.61 trillion by November 2025.
MTN Nigeria accounted for the largest share of the gains, with its market capitalisation rising from about N3.5 trillion to roughly N9.8 trillion. Airtel Africa followed with a market value of around N8.5 trillion, up from N8.1 trillion. Among mid- and small-cap stocks, eTranzact’s market capitalisation increased to N132.9 billion from N69.0 billion, while CWG expanded 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.
Share price performance over the period showed particularly strong gains. NCR (Nigeria) led the sector, with its stock surging by 993 per cent from N5.00 to N54.65 per share. MTN followed with a 135.3 per cent increase to N531.70, while CWG gained 133 per cent to N17.95. eTranzact rose by 122.31 per cent to N14.45, Chams Holdings gained 61.2 per cent to N2.95, Omatek advanced by 60.27 per cent, and Airtel Africa added 5.24 per cent.
Market analysts attributed the rally to a combination of favourable macroeconomic conditions and the growing importance of ICT services. Muktar Mohammed, chief executive of Asher Investment Ltd, said a relatively stable exchange rate in 2025 provided a supportive backdrop, while the expanding role of technology firms, particularly in the banking sector, helped attract investor interest.
Samuel Oyekanmi, research and insight lead at Norrenberger Financial Group, said higher tariffs boosted profitability for some major players and also lifted sentiment across several mid- and small-cap ICT stocks. Both analysts agreed that ICT companies remain central to key sectors of the economy and continue to command increasing attention from investors on the Nigerian Exchange.
