Economy
Analysis: Insurance, Industrial Goods, Banking Stocks Boost NGX in Q3 2025
By Adedapo Adesanya
The insurance, industrial goods, and banking sectors showed strong resilience at the Nigerian Exchange (NGX) Limited in the third quarter of the year, while the consumer goods sector lagged behind with a negative showing in the review period.
According to the Q3 2025 Sector Performance Summary released by Bamboo, the insurance sector emerged as the top performer, recording a robust 61.50 per cent quarterly growth, followed by industrial goods sector, which posted a strong 43.80 per cent gain, and the banking sector advanced 39.46 per cent over the second quarter.
According to an infographic seen by Business Post, insurance sector gains were driven by impressive rallies from Mutual Benefits Assurance (+248.2 per cent) and AIICO Insurance (+120 per cent).
The sector’s surge underscores renewed investor confidence, buoyed by improved underwriting results, recapitalisation efforts, and growing demand for risk coverage amid Nigeria’s increasingly volatile business environment.
However, it was not all rosy during the period as NEM Insurance dropped by 9.9 per cent and Cornerstone Insurance slid 6.6 per cent. These indicated persistent competitive and operational pressures in parts of the industry.
In the industrial goods sector, the rally was buoyed by Beta Glass, which recorded a stellar 130 per cent rise and Enamelware Nigeria (+108.7 per cent).
Both of these firms benefited from increased demand for locally manufactured goods and currency-induced import substitution.
Conversely, Dangote Cement’s 20 per cent decline and Austin Laz with a 9.74 per cent fall weighed down the sector’s overall performance. Dangote’s drop signals subdued construction activity and rising input costs.
However, the sector’s double-digit growth points to Nigeria’s gradual industrial recovery, particularly as the government’s infrastructure push continues to attract investment inflows.
In the banking sector, the top gainers included Wema Bank (+162.6 per cent) and Stanbic IBTC (75.4 per cent), both benefitting from stronger balance sheets, digital banking adoption, and FX revaluation gains.
Other Tier-2 lenders like FCMB recorded gains (24.1 per cent) and Ecobank (27.0 per cent) also delivered steady growth, underlining broad-based resilience across the industry.
The banking sector’s rise to improved net interest margins following tighter monetary policy and increased investor appetite for financial stocks. The Central Bank of Nigeria (CBN) in September eased interest rates by 50 basis points to 27 per cent from 27.50 per cent after inflation moderated for five consecutive cycles.
In contrast, the consumer goods sector was the quarter’s weakest performer, sliding 2.90 per cent as inflationary pressures and weak consumer spending continued to erode profits.
Despite bright spots from Guinness Nigeria (108.9 per cent) and McNichols (56.5 per cent), the sector’s gains were offset by underperformers like Honeywell Flour Mills (2.33 per cent rise) and Vitafoam Nigeria (7.84 per cent slide).
Business Post reports that with inflation still hovering in double digits and household purchasing power under strain, many consumer goods companies are struggling to pass on higher costs to price-sensitive buyers.
Meanwhile, the oil and gas sector delivered a modest 5.5 per cent quarterly rise, reflecting a cautious rebound amid global price volatility.
The sector’s growth was anchored by rises in stocks of Aradel Holdings (160 per cent) and Eterna Plc (115 per cent), buoyed by improved local production and downstream expansion projects.
However, losses from Oando, which fell 12.1 per cent and Japaul Gold (-9 per cent) capped broader gains, as operational challenges and fluctuating crude prices continued to cloud the sector’s outlook.
The third quarter’s analysis showed that sectors tied to financial services and domestic manufacturing outperformed, while consumer-facing and oil-dependent industries faced ongoing macroeconomic headwinds.
The strong showing from insurance and banking signals renewed investor trust in Nigeria’s financial system backed by improving fiscal and monetary policies, while industrial goods’ rebound underscores the growing appeal of locally driven production.
Even as challenges persist, especially for consumer-facing industries, the gains across financial and industrial sectors provide a cautiously optimistic outlook for the remainder of the year.
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
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