The Nigerian Exchange (NGX) recorded a historic surge in domestic participation, with domestic transactions hitting a record N10.68 trillion in 2025, according to the exchange's latest Domestic and Foreign Portfolio Investment report.
This figure represents a significant increase from N4.92 trillion recorded in 2024, more than doubling the previous year's domestic activity. The report, released on Friday, showed that domestic investors now account for 81% of total transactions on the exchange, underscoring a major shift in market participation.
Record Domestic Transactions on NGX
Total transactions on the NGX in 2025 stood at N13.18 trillion, a substantial rise from N6.52 trillion in 2024. The surge was driven almost entirely by domestic investors, whose activity reached an all-time high.
In December 2025 alone, domestic transactions totaled N1.18 trillion, contributing to the robust annual performance. The report highlighted that domestic institutional investors led the charge, with transactions amounting to N6.57 trillion, while domestic retail investors contributed N4.11 trillion.
Foreign Investors Remain Subdued
In contrast, foreign transactions on the NGX remained relatively subdued, totaling N2.5 trillion in 2025, up from N1.6 trillion in 2024. Foreign investors accounted for just 19% of total transactions, reflecting continued cautious sentiment from international players.
Foreign inflows stood at N1.23 trillion, while outflows were N1.27 trillion, indicating a slight net outflow. The report noted that foreign participation has not returned to pre-2020 levels, though it showed modest improvement year-on-year.
Implications for Market Stability
According to analysts at Nairametrics, the dominance of domestic investors is a positive development for market stability, as it reduces reliance on foreign capital flows, which are often volatile. "The record domestic participation is a testament to growing investor confidence in the Nigerian market," the report stated.
The NGX's All-Share Index also reflected the positive sentiment, gaining 7.1% in 2025, supported by strong domestic buying. Market capitalization rose to N65.9 trillion by year-end, a new record.
The trend is expected to continue into 2026, with local investors playing an increasingly central role in driving liquidity and market growth.
