NGX: Domestic, Foreign Portfolio Investments Reach 19-year High As Trades Hit N11.92trn

The value of stocks traded by domestic and foreign portfolio investors on the Nigerian Exchange (NGX) jumped to N11.922 trillion in the year 2025, the highest in 19 years.

The figure more than doubles the N5.587 trillion reported for the entire year of 2024, reflecting rising investor confidence in the local bourse and the country’s improving economic outlook.

This was contained in the Domestic and Foreign Portfolio Investment (FPI) report for December 2025, released yesterday on the NGX.

The NGX reported a substantial rise in transactions, driven by both local and foreign investors. Domestic transactions accounted for a larger share, while FPI inflows also grew sharply, indicating a positive trend in the country’s economic stability.

Out of the N11.922 trillion deal, foreign investors accounted for N2.647 trillion, representing 22.21 per cent, while domestic investors accounted for N9.275 trillion, or 77.79 per cent.

Further analysis showed that institutional investors outperformed retail investors by 64.93 per cent for the year. Domestic institutional investors transacted N5.623 billion, while domestic retail investors recorded N3.651 trillion transactions for the year 2025.

Recall that the Nigerian equities market gained N36.613 trillion to close at N99.376 trillion in 2025, driven by currency stability and bargain hunting.

Capital market analysts attributed the performance to improved FX liquidity, clearer policy direction, relative exchange rate stability, and renewed foreign investor confidence in Nigerian assets.

The chairman of the Nigerian Exchange (NGX) Group Plc, Umaru Kwairanga stated that the Nigerian capital market recorded a commendable performance in 2025, attributing the gains to reforms, more decisive corporate actions and resilient market participation.

Speaking on this, group managing director/chief executive officer, NGX, Temi Popoola, stated that “the Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds. This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.

“During the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while our continued investment in technology played a critical role in expanding access, enhancing transparency, and improving operational efficiency across the market.”

Afrinvest Limited said, “Overall, 2025 recorded strong market participation, marked by sustained bullish sentiment punctuated by periodic profit-taking. Investor activity was buoyed by reform-driven developments, the implementation of key policies, and rising market awareness, collectively driving elevated trading volumes.”

On the market outlook for 2026, the research firm noted that “it will be anchored on favourable macroeconomic and market dynamics. In our base case scenario, we project a 40.9 per cent gain in the NGX All-Share Index (ASI), supported by sustained price and naira stability, gradual monetary policy easing, improved corporate earnings, elevated pre-election liquidity, and aggressive capital mobilisation by insurance companies and PFAs, with additional upside from anticipated listings such as Dangote Petrochemicals.

“Upside risks include sharper disinflation and stronger FX inflows, while downside risks stem from renewed inflationary pressures, FX volatility, weak foreign participation, and delays in expected listings.”