The Nigerian equities market has been on a tear since mid-2023. The NGX All-Share Index (ASI) has climbed a staggering 136%, fuelled by a cocktail of banking recapitalisation, foreign exchange reforms, and resilient corporate earnings. For investors who timed it right, the past year has been a windfall — just ask early backers of Beta Glass, whose shares are up 670%, or Honeywell Flour Mills, which delivered 645% gains.
But here’s the catch: not all stocks riding this wave are built to last. Some are running purely on hype; others have the fundamentals to keep climbing. If you’re the kind of investor who prefers substance over sizzle, there’s good news — a handful of Nigerian companies still trade at valuations that make sense, with the potential to double before 2026.
1. MTN Nigeria (MTNN)
MTN is, without exaggeration, the heavyweight of Nigeria’s telecom sector. Yes, it’s had its fair share of forex headaches, but the fundamentals remain strong. With 5G roll-out gaining momentum and mobile money services steadily adding users, MTNN is positioning itself for another growth cycle.
- Current Price: ₦460
- Where to Buy: Bamboo
2. NASCON Allied Industries (NASCON)
NASCON doesn’t grab headlines like the banks or tech names, but it’s been quietly building a solid case for itself. Earnings per share have shot up 222%, debt levels are almost negligible at 1.2% debt-to-assets, and demand for food essentials keeps rising. Add in a healthy dividend policy and you’ve got a stock that’s built for patient investors.
- Current Price: ₦90
- Where to Buy: Bamboo
3. Aradel Holdings (ARADEL)
Once known as Niger Delta Exploration, Aradel is now Nigeria’s largest oil and gas company to list in recent years. The Ogbele oil field is ramping up production at just the right time, with global crude prices ticking higher. Its dividend yield of 5.77% only sweetens the deal.
- Current Price: ₦519
- Where to Buy: Meritrade or Bamboo
4. Honeywell Flour Mills (HONYFLOUR)
Honeywell’s turnaround story is one for the textbooks. After years in the red, the company roared back to profitability in 2025. Shares soared 241% in the first half of the year, with a staggering 61.5% rise in May alone. The driver? Strong demand for affordable processed foods — and Honeywell is meeting it head-on.
- Current Price: ₦24.00
- Where to Buy: Meristem
5. Transnational Corp (TRANSCORP)
Transcorp is a rare hybrid: a player in both the power sector and hospitality. Its planned hotel IPO and the government’s push for power sector reform are potential catalysts for strong earnings growth. For investors wanting exposure to multiple sectors without juggling multiple stocks, this is worth a look.
- Current Price: ₦51.25
- Where to Buy: Bamboo
6. Presco Plc (PRESCO)
Presco isn’t just Nigeria’s top palm oil producer — it’s a serious exporter. Q1 2025 after-tax profit came in at ₦47.57 billion, double the previous year. Global demand for palm oil remains resilient, making this a stock that benefits from both local and international trends.
- Current Price: ₦1,480
- Where to Buy: Bamboo
7. Zenith Bank
Zenith is already a Tier-1 bank, but the Central Bank’s recapitalisation drive could push it even higher. With a dividend yield of 6.54% and potential merger opportunities on the horizon, Zenith is in prime position to soak up fresh capital and expand market share.
- Current Price: ₦72.20
- Where to Buy: Meristem
8. Beta Glass Plc (BETAGLASS)
Beta Glass has been one of the NGX’s most explosive performers, jumping 133% in May 2025 alone. The catalyst? A 638% surge in profits. As a major supplier to breweries and beverage companies, its growth is tied to Nigeria’s rising consumer demand — a trend showing no signs of slowing.
- Current Price: ₦408
- Where to Buy: Bamboo
9. Champion Breweries (CHAMPION)
Nigeria’s beer market is making a slow but steady comeback. Champion Breweries posted a positive pre-tax profit in Q1 2025, a turnaround that suggests better consumer sentiment ahead. This is a small-cap play with room to run — if the trend continues.
- Current Price: ₦16.80
- Where to Buy: Meristem
10. Fidson Healthcare (FIDSON)
Nigeria imports roughly 70% of its medicines, but Fidson is changing that. The company’s focus on local drug production paid off with a 213% increase in net income in Q1 2025. Healthcare stocks tend to hold steady even when economies wobble, making Fidson a smart hedge.
- Current Price: ₦41.80
- Where to Buy: Meristem
Smart Investor Cheat Sheet – 10 Nigerian Stocks to Watch Before 2026
| Stock | Current Price (₦) | Dividend Yield | Sector | Main Growth Driver |
|---|---|---|---|---|
| MTN Nigeria (MTNN) | 460 | N/A | Telecoms & Fintech | 5G expansion and mobile money adoption |
| NASCON Allied Industries (NASCON) | 90 | Moderate | Consumer Goods | EPS up 222%, low debt, rising food demand |
| Aradel Holdings (ARADEL) | 519 | 5.77% | Oil & Gas | Ogbele field expansion, higher oil prices |
| Honeywell Flour Mills (HONYFLOUR) | 24.00 | N/A | Processed Foods | Return to profitability, strong food demand |
| Transnational Corp (TRANSCORP) | 51.25 | N/A | Power & Hospitality | Hotel IPO plans, power sector reforms |
| Presco Plc (PRESCO) | 1,480 | N/A | Agriculture (Palm Oil) | Strong export demand, 100% profit growth |
| Zenith Bank | 72.20 | 6.54% | Banking & Finance | Recapitalisation drive, merger potential |
| Beta Glass Plc (BETAGLASS) | 408 | N/A | Manufacturing (Packaging) | 638% profit surge, consumer sector growth |
| Champion Breweries (CHAMPION) | 16.80 | N/A | Beverages | Beer market recovery, improved profits |
| Fidson Healthcare (FIDSON) | 41.80 | N/A | Healthcare & Pharma | 213% income growth, local drug production |
Quick Buy Strategy
If you’re building a position in these stocks, don’t go all in at once. Spread your entries over several weeks or months — a tactic traders call scaling in — so you can smooth out price swings. Keep a core allocation for strong dividend payers like Zenith Bank and Aradel Holdings for income stability, then sprinkle in high-growth plays like Beta Glass or Honeywell Flour for potential outsized returns. And remember, always set aside a liquidity buffer; the NGX can move fast, and having cash ready lets you grab bargains when the market hands them out.
The Risks You Can’t Ignore
Yes, the upside potential is real — but so are the risks. Stocks can take sharp dips before resuming an uptrend; Champion Breweries once lost 10% in a single day. And while diversification helps, broader forces like Central Bank policy changes can ripple across sectors unexpectedly.
Liquidity is another consideration. Some of these names don’t trade heavily, which means you could struggle to exit quickly at a fair price. It’s a reminder that on the NGX, patience isn’t just a virtue — it’s a necessity.
Why These Picks Matter Now
The timing isn’t random. Nigeria is in the middle of an economic reshuffle — currency reforms, sector deregulation, and recapitalisation drives are pushing well-run companies to the forefront. For long-term investors, this is a chance to buy into real earnings power, not just hype cycles.
If you’ve been sitting on the sidelines, the market’s recent rally might make you nervous about “buying the top.” But historically, bull markets in Nigeria often run longer than most expect, especially when underpinned by structural reforms.
