Global Economy

The Global economic conditions in Q3 2025 reflected resilience and moderation. Growth showed signs of improvement in some regions, supported by steady consumer activity and policy adjustments from central banks. However, inflationary pressures persisted, driven largely by energy costs and uneven demand across markets. Despite some progress toward stability, uncertainties surrounding trade performance, labour market softening, and policy direction continued to weigh on sentiment.

Domestic Economy

Nigeria’s economy strengthened further in Q2 2025, with Real GDP expanding by 4.23% year on year. This marks the fastest quarterly growth in recent years, outpacing 3.48% in Q2 2024 and 3.13% in Q1 2025. The stronger momentum reflects a broad-based recovery, with the Oil sector emerging as the most striking performer.

Financial Markets

The fixed-income market was shaped by a mix of easing inflation, steady interest rates and expectations of a rate cut towards the end of the quarter.

The Treasury bills market saw six auctions during the quarter, with a total offer of N1.76 trillion. Despite strong investor interest reflected in bids totaling N5.73 trillion, the DMO allotted only N1.89 trillion, slightly above the planned issuance.

Equities Market

The Nigerian equities market delivered its best quarterly performance of the year, gaining 18.95% in Q3 and pushing the year-to-date return to 38.65% as of September 30, 2025. The remarkable rally was largely concentrated in July, which recorded a 16.57% surge, the strongest monthly performance of the year. Subsequent months saw more moderate gains of 0.31% in August and 1.72% in September, as profit taking activities tempered the earlier momentum.

Please follow the link ‘’ Q3 2025 Quarterly Market Report – A Glimmer of Resilience’’ to view the full report.