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Nigeria’s stock market recorded a big leap in July 2025, with foreign portfolio investment (FPI) climbing to N1.81 trillion. This was more than double the N778.65 billion seen in June, an increase of 133 per cent in one month. Year-on-year, the rise was even more striking, with July 2025’s figure up by 269 per cent compared to the N491.61 billion recorded in July 2024.
The figures, contained in the latest FPI report by the Nigerian Exchange (NGX), show that cumulative portfolio investments between January and July 2025 hit N6 trillion. That number is almost twice what the market recorded in the same seven-month period in 2024.
Despite the surge in foreign activity, domestic investors remain the bigger players, accounting for most of the market’s transactions. Local participation in July jumped to N1.66 trillion, up from N639.34 billion in June, representing a growth of more than 161 per cent in one month.
The breakdown of domestic activity showed that institutional investors were the real drivers, trading far more than retail investors. Retail transactions still grew strongly by 88 per cent, moving from N274.63 billion in June to N516.50 billion in July. Institutional trades, however, shot up by an astonishing 216 per cent, rising from N364.71 billion in June to N1.15 trillion in July.
On the foreign side, the numbers reflected cautious optimism. Inflows stood at N50.4 billion, but outflows were almost twice as much at N95.4 billion. This means more foreign money left the market than entered.
Still, the bigger picture for 2025 remains positive. Between January and July, foreign inflows rose to N609.73 billion, more than three times the N266.64 billion seen in the same period last year. Outflows also increased to N671.56 billion, compared to N331.36 billion in 2024. Overall, total FPI for the first seven months of this year stood at N1.28 trillion, compared to N598 billion in the same period of 2024.
The report further noted that this year’s performance is not only better than last year’s but also significantly higher than figures recorded in previous years. For perspective, FPIs stood at N185.62 billion in 2023, N301.37 billion in 2022, and N262.85 billion in 2021.
When added to the N4.7 trillion generated from local transactions, total market activity between January and July 2025 reached N6 trillion, showing how active Nigeria’s stock market has become.
Market watchers say the sharp rise in investments is no surprise, pointing to the performance of the All-Share Index, which gained 37.7 per cent in 2024 and has already risen by more than 37 per cent in 2025. They also note that a more stable exchange rate and an improved inflation outlook have given both local and foreign investors more confidence.
“This shows that both local and foreign investors are becoming more active in Nigeria’s stock market, with domestic players taking the lead. The strong figures reflect renewed confidence in the market,” the NGX report said.
With rising participation, analysts believe Nigeria’s capital market could attract even more investments if reforms in forex stability, inflation control, and market transparency continue.
