NGX Transaction Value Climbs to N1.74 Trillion in March 2026
Trading activity on the Nigerian Exchange Limited (NGX) experienced a significant surge in March 2026, with total transaction value rising by 13.1 per cent to reach N1.74 trillion. This marks an increase from the N1.54 trillion recorded in February, signaling enhanced investor participation and improved liquidity conditions in the equities market.
Year-on-Year Growth and Foreign Investment Rebound
The latest NGX Domestic and Foreign Portfolio Investment Report reveals that this monthly uptick also represents a substantial 56.38 per cent year-on-year increase compared to the N1.116 trillion posted in March 2025. A key driver of this growth was a sharp rebound in foreign portfolio investment, with foreign transactions surging by 107.74 per cent to N288.82 billion (approximately $208.28 million) in March, up from N139.03 billion (about $101.97 million) in February.
This resurgence reflects renewed offshore interest in Nigerian equities, attributed by analysts to improving market sentiment, attractive equity valuations, and strategic positioning by global investors seeking exposure to high-yield frontier markets.
Dominance of Domestic Investors
Despite the notable increase in foreign participation, domestic investors continued to dominate trading on the Exchange, outperforming their foreign counterparts by about 66 per cent in total transaction value. Domestic transactions increased modestly by 3.72 per cent to N1.4556 trillion in March, up from N1.4033 trillion in February, indicating that local investors remain the backbone of market activity.
Institutional investors accounted for the larger share of transactions, outperforming retail investors by 26 per cent and reinforcing their dominant role in market liquidity. Institutional trades rose by 6.95 per cent to N914.23 billion in March, compared to N854.83 billion in the previous month, supported by increased activity from fund managers, pension funds, and other large asset allocators.
Retail Participation and Long-Term Trends
In contrast, retail participation declined slightly by 1.3 per cent to N541.37 billion, down from N548.5 billion in February, suggesting a more cautious stance among individual investors amid prevailing market conditions. Over a nineteen-year period from 2007 to 2025, domestic transactions have grown significantly by 160.83 per cent from N3.556 trillion to N9.275 trillion, while foreign transactions expanded even more rapidly by 329.87 per cent from N616 billion to N2.648 trillion.
In terms of market structure, domestic investors maintained a commanding lead in 2025, accounting for about 78 per cent of total transactions, with foreign investors contributing 22 per cent. This underscores the resilience and central role of local capital in sustaining market activity. Cumulative data for 2026 further reinforces this trend, with total domestic transactions estimated at approximately N3.607 trillion, compared to about N542 billion recorded by foreign investors.
