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In a powerful signal of renewed global confidence, Nigeria’s stock market is buzzing with activity, fueled by a massive surge in foreign portfolio transactions. Latest figures from the Nigerian Exchange Limited (NGX) reveal that foreign transactions have hit a whopping N1.281 trillion in the first seven months of 2025. This impressive figure is a staggering 369.2% increase from the N273.16 billion recorded during the same period in 2022. The numbers don’t lie: investors, both local and international, are flocking to Nigeria’s capital market.
The NGX’s domestic and foreign transactions report shows a dramatic shift in market dynamics. Foreign portfolio inflow alone shot up by an eye-popping 354.4%, reaching N609.73 billion in the first seven months of 2025. This is a huge leap from the N134.19 billion recorded in the corresponding period of 2022. While the influx of new money is a big story, it’s worth noting that foreign outflow also saw a significant increase, growing by 382.2% to N671.56 billion from N138.97 billion over the same period.
This bullish trend isn’t just about foreign money. The total value of all transactions on the NGX has also grown remarkably, expanding by 240.8% to N6.008 trillion in seven months of 2025. This is a massive jump from the N1.763 trillion recorded in 2022. This broad-based growth shows that the Nigerian stock market is becoming a hot destination for all kinds of investors, making it a key driver of the nation’s economic growth.
A deeper dive into the NGX data reveals that local investors are not left out of the party. The report highlights strong participation from Nigerians. For instance, domestic retail investors’ transactions skyrocketed by 311.6% to N1.988 trillion in seven months of 2025, a significant rise from N482.79 billion in the same period of 2022. Not to be outdone, domestic institutional investors also showed strong faith in the market, with their transactions growing by 171.9% to N2.738 trillion, up from N1.007 trillion in the first seven months of 2022. The robust presence of these investors, often overlooked, provides a strong foundation for the market’s stability and future growth.
When we look at the year-to-date (YtD) figures for July 2025, the story of growth continues. Foreign inflow alone grew by 128.7% to N609.73 billion, a sharp increase from the N266.64 billion recorded in YtD July 2024. Similarly, foreign outflow also saw an increase of 102.7% to N671.56 billion, compared to N331.36 billion in the corresponding period in 2024. This consistent upward trajectory is a positive sign for the Nigerian economy and its ability to attract capital.
A historical review shows the enduring strength of the domestic market. Over the last eighteen years (from 2007 to 2024), domestic transactions increased by 33.15%, from N3.556 trillion to N4.735 trillion. While foreign transactions also grew by 38.31% over the same period, from N616 billion to N852 billion, the bulk of market activity has historically been driven by local players. For context, in 2024, domestic transactions accounted for about 85% of total market activity, with foreign transactions making up the remaining 15%.
However, the data for 2025 marks a turning point. The first seven months of the year have seen a total of approximately N4.7269 trillion in domestic transactions and a very strong N1.28123 trillion in foreign transactions. This shift shows a strengthening presence of international investors, highlighting the growing global appeal of the Nigerian market. This positive trend is a testament to ongoing market reforms and the potential for attracting even more capital in the coming months, which is crucial for capital market development and economic prosperity.
