 recorded ₦4.19 trillion in total equity turnover during the first half of 2025, reflecting investor confidence){kind=link}
The Nigerian Exchange Limited (NGX) has reported an impressive N4.19 trillion in total equity transactions for the first half of 2025 (H1 2025), representing a substantial 61% increase from the N2.60 trillion recorded in the same period of 2024. The sharp growth in activity reflects renewed investor confidence, driven by robust domestic participation and rising foreign inflows, amid government reforms and economic recovery efforts.
According to NGX’s latest “Domestic and Foreign Portfolio Participation in Equity Trading” report, domestic investors accounted for N3.06 trillion (72.92%) of the total H1 trades, while foreign transactions totaled N1.14 trillion (27.08%).
The year began on a strong footing, with January seeing N607.05 billion in total equity trades. Domestic investors dominated with N535.54 billion, or 88.22%, while foreign participation was N71.51 billion. February witnessed a slight dip to N509.47 billion, with domestic trades at 91.63% and foreign trades declining further.
In March, the market surged dramatically to N1.12 trillion in turnover—the highest in H1. Notably, foreign investors accounted for 62.74% (N699.89 billion) of the month’s trades, overtaking domestic investors for the first time. The spike was attributed to favorable FX expectations and macroeconomic optimism.
April saw a pullback to N482.04 billion, but the trend reversed again in May, which closed at N700.50 billion. Inflows from foreign investors outpaced outflows for the first time this year. June further reinforced this momentum with N778.65 billion in total trades—a monthly increase of 11.15%.
Foreign portfolio investments (FPIs) continued to show strength in H1 2025. Out of the N1.14 trillion recorded in foreign transactions, inflows stood at N559.25 billion, while outflows were slightly higher at N576.09 billion, suggesting cautious optimism among foreign investors. Compared to H1 2024’s figure of N540.48 billion, the 110% growth highlights rising global confidence in Nigeria’s capital markets.
In June alone, foreign trades rose to N139.31 billion—a 17.16% increase from May. At the prevailing exchange rate of N1,529.71/$, this amounted to roughly $91.07 million.
Within the domestic segment, institutional investors led the market with an increase of 49.39% in June compared to May. Retail investor activity, however, fell by 18.62%, from N337.46 billion in May to N274.63 billion. The shift suggests institutional confidence in ongoing economic reforms, while individual investors may be reacting to inflation and cost-of-living pressures.
Reviewing historical data, NGX revealed that domestic equity trades grew from N3.56 trillion in 2007 to N4.73 trillion in 2024, while foreign transactions rose from N616 billion to N852 billion in the same period. Local investors dominated 85% of 2024’s trades and have already contributed 73% in H1 2025.
Market analysts expect continued strength in H2 2025, with reforms in exchange rate policy, regulatory clarity, and monetary policy expected to attract deeper foreign and institutional participation. However, sustained foreign inflows will depend on Nigeria’s ability to manage currency stability and inflation pressures.
The NGX’s H1 performance confirms its growing role as a barometer for economic recovery and a magnet for both domestic and foreign investment capital.