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By Chukwuma Umeorah
Nigeria’s equity market recorded a significant rise in activity in 2025, with domestic investors accounting for 77.79 per cent of total trades, as overall market transactions climbed to N11.92 trillion, the highest in nearly two decades.
Data from the Nigerian Exchange Limited’s (NGX) Domestic & Foreign Portfolio Participation report, shows that total market activity more than doubled from N5.59trn in 2024, reflecting a year-on-year growth of 113.39 per cent. Domestic trades contributed N9.27trn, while foreign investors added N2.65trn, signaling a marked recovery in offshore participation.
The market surged strongly toward the end of the year. Total transactions in December rose by 42.13 per cent from N971.18bn in November to N1.38trn. Compared with December 2024, when trades stood at N673.67bn, this represented an increase of 104.91 per cent. Foreign transactions were particularly notable, climbing 182.70 per cent month-on-month to N458.09bn, largely driven by block trades. Domestic investors, however, continued to dominate, with their transactions exceeding foreign trades by roughly 34 per cent during the month.
Institutional investors maintained a lead over retail participants, with trades rising 13.63 per cent from N531.21bn in November to N603.62bn in December. Retail transactions grew by 14.67 per cent, from N277.93bn to N318.69bn, underscoring the influence of large capital pools on market performance.
Historical trends further illustrate the market’s structural growth. Domestic transactions have increased by 160.82 per cent over the past 19 years, from N3.56trn in 2007 to N9.27trn in 2025, while foreign trades rose 329.87 per cent over the same period. Despite rapid growth in foreign participation, domestic investors retained clear market leadership throughout 2025.
