Investor activity on the Nigerian Exchange Limited (NGX) surged to a record N9.57 trillion between January and October 2025, more than double the N4.47 trillion traded in the same period last year, underscoring renewed market confidence and increased domestic participation.
According to the latest Domestic and Foreign Portfolio Participation Report, the stock market posted its strongest 10-month performance yet, driven by aggressive positioning by Pension Fund Administrators (PFAs), increased high net worth activity and a notable expansion in retail investor participation.
Foreign Portfolio Investors (FPIs) increased their exposure significantly, trading N2.03 trillion, a jump of 172.4 per cent from N744 billion in 2024. However, domestic investors remained firmly in control, accounting for N7.54 trillion in transactions, up 102.4 per cent from last year’s N3.73 trillion.
Despite domestic dominance, FPIs expanded their market share to 21.18 per cent, up from 16.65 per cent a year earlier. Domestic investor participation moderated slightly to 78.82 percent, reflecting the growing appetite of foreign players for Nigerian stocks amid improving macroeconomic indicators and stronger earnings performance of listed companies.
Institutional investors were the main drivers of domestic activity, recording N4.6 trillion in transactions compared to N1.8 trillion in the same period in 2024. Retail investors also deepened their footprint, with transactions increasing to N2.9 trillion from N1.9 trillion last year, an expansion that analysts describe as one of the most significant changes in market structure in recent years.
On capital flows, foreign inflows rose sharply to N1.12 trillion, more than triple the N344 billion recorded in 2024, while outflows rose to N909.54 billion from N400.04 billion, indicating intensified but balanced foreign activity.
NGX provided historical context, noting that domestic transactions have grown by 33.15 per cent over a period of 18 years, rising from N3.56 trillion in 2007 to N4.74 trillion in 2024.
Foreign transactions increased by 38.31 percent from N616 billion to N852 billion during the same period. So far in 2025, domestic activity has increased to N7.54 trillion, with foreign participation of N2.03 trillion, reinforcing the accelerating momentum of the market.
Market analysts say the stronger retail performance marks a turning point for Nigeria’s capital market. Highcap Securities Limited Vice Chairman David Adonri described the trend as a positive indicator of market resilience.
“The growth in retail participation at a time when institutional and foreign investors are slowing down shows that local investors are becoming more confident and more informed,” Adonri said, adding that the growth reflects the impact of technology, easier access and sustained market education.
“Retail investors are gradually becoming a stabilizing force in our market,” he said.
With two months to go until the end of the year, analysts say total transactions could exceed previous projections, putting the NGX on track for one of its busiest years in recent history.