Transactions by domestic and foreign investors on the Nigerian Exchange (NGX) more than doubled in the nine months of 2025, reaching N8.54 trillion, a 115.2 per cent increase from the N3.97 trillion recorded in the same period of 2024.
The NGX’s latest Domestic & Foreign Portfolio Participation in Equity Trading report showed that the surge marks a record high for total market activity, buoyed by stronger participation from Pension Fund Administrators (PFAs) and high-net-worth domestic investors.
Foreign portfolio investors (FPIs) accounted for N1.84 trillion of total trades, a 164 per cent year-on-year rise from N696.9 billion a year earlier. In contrast, domestic investors contributed N6.7 trillion, up 104.7 per cent from N3.27 trillion in 2024.
Foreign investors represented 21.6 per cent of total market activity during the period, up from 17.6 per cent a year earlier. Domestic investors, while still dominant, saw their share ease slightly to 78.4 per cent from 82.4 per cent.
Within the domestic segment, institutional investors led activity with N4.09 trillion, compared with N2.6 trillion from retail participants. Foreign transactions were strong on both the buy and sell sides. Inflows climbed 231 per cent year-on-year to N1.03 trillion, while outflows rose 110 per cent to N810.4 billion.
Over an 18-year horizon, NGX data showed domestic transactions have grown by 33 per cent from N3.56 trillion in 2007 to N4.73 trillion in 2024, while foreign transactions rose 38 per cent from N616 billion to N852 billion.
The vice chairman of Highcap Securities Limited, David Adonri, said, “The rebound in foreign participation reflects renewed confidence following the Central Bank of Nigeria (CBN) ‘s reforms in Nigeria’s foreign exchange regime. The changes, aimed at improving transparency and stability in currency markets, have enhanced liquidity and reduced uncertainty for foreign investors.”
He added that “the surge underscores growing optimism about Nigeria’s reform trajectory and corporate resilience.
“The combination of exchange rate realignment, strong earnings, and the ongoing banking recapitalisation drive is making local equities increasingly attractive.”
He pointed out that the Nigerian capital market has benefited from the momentum of President Bola Tinubu’s economic reforms. Improved clarity around monetary policy and renewed interest in Nigeria’s oil and non-oil sectors have bolstered investor sentiment.
