Domestic Portfolio Investors Drive NGX To Record N10.68trn Transactions In 7 Months

Domestic investors have driven activity on the Nigerian Exchange Limited to a record high, with local transactions hitting N10.68 trillion in the first seven months of 2026 and already surpassing the total recorded for all of 2025.

According to the NGX Domestic and Foreign Portfolio Investment Report for July 2026, year-to-date domestic transactions accounted for 89.21 per cent of total market activity. The figure represents a 15.21 per cent increase over the N9.27 trillion domestic transactions recorded throughout 2025, and marks the highest level in 19 years.

The data showed local institutional and retail investors are now the primary drivers of growth on the exchange. Year-to-date foreign transactions stood at N1.29 trillion, representing just 10.79 per cent of total market activity.

NGX noted that domestic participation has expanded significantly over two decades. “Over a nineteen-year period, domestic transactions increased by 160.83 per cent from N3.56 trillion in 2007 to N9.27 trillion in 2025, while foreign transactions increased by 329.87 pe cent from N0.62 trillion to N2.65 trillion over the same period,” the report stated.

In 2025, domestic investors accounted for about 78 per cent of total market transactions compared to 22 per cent for foreign investors. The dominance has intensified in 2026.

Analysis over the last decade shows the acceleration began in 2019, when domestic transactions stood at N980 billion. They rose to N1.43 trillion in 2020 and N1.46 trillion in 2021, before nearly doubling from N4.73 trillion in 2024 to N9.27 trillion in 2025.

Foreign investor activity, however, remains subdued. In May 2026, foreign transactions fell 25.9 per cent month-on-month to N183.61 billion from N247.78 billion in April. Foreign investors’ share of total transactions dropped to nine per cent in May.

Speaking on the trend, Group managing director and CEO of Nigerian Exchange Group, Temi Popoola, said market capitalisation of listed companies has risen from about N30 trillion in May 2023 to approximately N160 trillion currently.

He projected it could reach N230 trillion by the end of 2026, supported by strong local participation, market reforms, and expectations of major new listings.

Market analysts said the surge in domestic flows is helping offset weaker offshore inflows, supporting liquidity, and deepening the market even as global investors remain cautious.