NGX Hits Historic Milestone as Investor Transactions Surge Past ₦10.5 Trillion in 11 Months
Investor activity on the Nigerian Exchange Limited (NGX) reached an all-time high in 2025, with total transactions by both foreign and domestic investors crossing ₦10.54 trillion in just 11 months — a powerful signal of renewed confidence in Nigeria’s capital market.
The Big Numbers at a Glance
• Total transactions: ₦10.54 trillion (Jan–Nov 2025)
• Year-on-Year growth: +114.6% (from ₦4.91 trillion in 2024)
• Market capitalisation gain: ₦28.5 trillion
According to NGX’s Domestic & Foreign Portfolio Participation in Equity Trading report, this represents the highest transaction value ever recorded on the Exchange.
Domestic Investors Still Lead — Institutions Drive Growth
Domestic investors remained the backbone of market activity:
• Domestic transactions: ₦8.35 trillion (79.23% of total)
• Growth YoY: +102.3% (from ₦4.13 trillion in 2024)
Breakdown:
• Domestic institutional investors:
• ₦5.13 trillion (up from ₦2.02 trillion in 2024)
• Domestic retail investors:
• ₦3.22 trillion (up from ₦2.11 trillion in 2024)
Pension Fund Administrators (PFAs) and high-net-worth individuals were key contributors to this surge.
Foreign Investors Return in Force
Foreign participation also rose sharply:
• Foreign Portfolio Investments (FPI): ₦2.19 trillion
• Share of total trades: 20.77% (up from 15.98% in 2024)
• YoY growth: +179% (from ₦785.28 billion)
Foreign Flow Dynamics:
• Inflows: ₦1.18 trillion (vs ₦370.15 billion in 2024)
• Outflows: ₦1.01 trillion (vs ₦415.13 billion in 2024)
Despite higher outflows, the strong inflow numbers reflect growing foreign appetite for Nigerian assets.
Why Foreign Interest Is Rising
Analysts attribute the resurgence of foreign participation to several key reforms:
• FX market liberalisation by the CBN
• Improved transparency and price discovery
• Clearance of FX backlogs
• Higher yields in Nigeria’s debt market
• Exchange rate differentials favoring foreign investors
These reforms have helped restore confidence and reduce previous bottlenecks that discouraged offshore investors.
Other Key Drivers Behind the Market Rally
Market experts highlighted additional factors supporting the rally:
• Resilient corporate earnings
• Banking sector recapitalisation
• Oil sector reforms
• Fuel subsidy removal
• Monetary policy tightening
• Large, under-penetrated market offering diversification
According to Highcap Securities, resolving FX backlogs was particularly crucial in sustaining foreign inflows and market momentum.
What This Means for Investors
• Nigeria’s equity market is back on global investors’ radar
• Institutional participation signals long-term capital, not just speculative trades
• Strong transaction volumes support price discovery, liquidity, and valuations
• Economic reforms are beginning to reflect in real market activity
Bottom Line
Crossing ₦10.54 trillion in transactions is more than a headline — it reflects a structural shift in confidence, driven by reforms, liquidity, and renewed local and foreign participation.
If these trends persist, the NGX could be positioning itself for sustained growth into 2026 and beyond.
Investor activity on the Nigerian Exchange Limited (NGX) reached an all-time high in 2025, with total transactions by both foreign and domestic investors crossing ₦10.54 trillion in just 11 months — a powerful signal of renewed confidence in Nigeria’s capital market.
The Big Numbers at a Glance
• Total transactions: ₦10.54 trillion (Jan–Nov 2025)
• Year-on-Year growth: +114.6% (from ₦4.91 trillion in 2024)
• Market capitalisation gain: ₦28.5 trillion
According to NGX’s Domestic & Foreign Portfolio Participation in Equity Trading report, this represents the highest transaction value ever recorded on the Exchange.
Domestic Investors Still Lead — Institutions Drive Growth
Domestic investors remained the backbone of market activity:
• Domestic transactions: ₦8.35 trillion (79.23% of total)
• Growth YoY: +102.3% (from ₦4.13 trillion in 2024)
Breakdown:
• Domestic institutional investors:
• ₦5.13 trillion (up from ₦2.02 trillion in 2024)
• Domestic retail investors:
• ₦3.22 trillion (up from ₦2.11 trillion in 2024)
Pension Fund Administrators (PFAs) and high-net-worth individuals were key contributors to this surge.
Foreign Investors Return in Force
Foreign participation also rose sharply:
• Foreign Portfolio Investments (FPI): ₦2.19 trillion
• Share of total trades: 20.77% (up from 15.98% in 2024)
• YoY growth: +179% (from ₦785.28 billion)
Foreign Flow Dynamics:
• Inflows: ₦1.18 trillion (vs ₦370.15 billion in 2024)
• Outflows: ₦1.01 trillion (vs ₦415.13 billion in 2024)
Despite higher outflows, the strong inflow numbers reflect growing foreign appetite for Nigerian assets.
Why Foreign Interest Is Rising
Analysts attribute the resurgence of foreign participation to several key reforms:
• FX market liberalisation by the CBN
• Improved transparency and price discovery
• Clearance of FX backlogs
• Higher yields in Nigeria’s debt market
• Exchange rate differentials favoring foreign investors
These reforms have helped restore confidence and reduce previous bottlenecks that discouraged offshore investors.
Other Key Drivers Behind the Market Rally
Market experts highlighted additional factors supporting the rally:
• Resilient corporate earnings
• Banking sector recapitalisation
• Oil sector reforms
• Fuel subsidy removal
• Monetary policy tightening
• Large, under-penetrated market offering diversification
According to Highcap Securities, resolving FX backlogs was particularly crucial in sustaining foreign inflows and market momentum.
What This Means for Investors
• Nigeria’s equity market is back on global investors’ radar
• Institutional participation signals long-term capital, not just speculative trades
• Strong transaction volumes support price discovery, liquidity, and valuations
• Economic reforms are beginning to reflect in real market activity
Bottom Line
Crossing ₦10.54 trillion in transactions is more than a headline — it reflects a structural shift in confidence, driven by reforms, liquidity, and renewed local and foreign participation.
If these trends persist, the NGX could be positioning itself for sustained growth into 2026 and beyond.