Transactions on the Nigerian Exchange (NGX) surged by 115.2 percent year-on-year to N8.54 trillion in the first nine months of 2025, up from N3.97 trillion in the corresponding period of 2024. This reflects renewed investor confidence driven by ongoing economic reforms.

According to NGX’s latest Domestic & Foreign Portfolio Participation in Equity Trading report, 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 percent year-on-year increase from N696.9 billion a year earlier—while domestic investors contributed N6.7 trillion, up 104.7 percent from N3.27 trillion in 2024.

Foreign investors represented 21.6 percent of total market activity during the period, up from 17.6 percent a year earlier. Domestic investors, though still dominant, saw their share ease slightly to 78.4 percent from 82.4 percent.

Within the domestic segment, institutional investors led activity with N4.09 trillion, compared to N2.6 trillion from retail participants. Foreign transactions were strong on both the buy and sell sides: inflows climbed 231 percent year-on-year to N1.03 trillion, while outflows rose 110 percent to N810.4 billion.

Over an 18-year horizon, NGX data shows that domestic transactions have grown by 33 percent—from N3.56 trillion in 2007 to N4.73 trillion in 2024—while foreign transactions have increased by 38 percent, from N616 billion to N852 billion.

David Adonri, Vice Chairman of Highcap Securities Ltd, said the rebound in foreign participation reflects renewed confidence following reforms in Nigeria’s foreign exchange regime by the Central Bank of Nigeria (CBN). The changes, aimed at improving transparency and stability in currency markets, have been credited with enhancing liquidity and reducing uncertainty for foreign investors.

“The surge underscores growing optimism about Nigeria’s reform trajectory and corporate resilience,” said one Lagos-based analyst. “The combination of exchange rate realignment, strong earnings, and the ongoing banking recapitalisation drive is making local equities increasingly attractive.”

The Nigerian capital market has benefited from the momentum of President Bola Tinubu’s economic reforms, with improved clarity around monetary policy and renewed interest in both the oil and non-oil sectors bolstering investor sentiment.

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