The Nigerian Exchange Limited (NGX) recorded a significant surge in market activities in September 2025, with total transactions on the exchange rising significantly by 78.5 per cent in one month.
According to NGX’s latest Domestic and Foreign Portfolio Investment (FPI) report, market turnover increased from N908.4 billion (approximately $593 million) in August 2025 to N1.62 trillion (around $1.099 billion) in September 2025.
This growth represents one of the most notable spikes in trading volume in recent months, reflecting heightened investor engagement and renewed confidence in Nigeria’s capital market. Also, on a year-on-year basis, domestic investors recorded N493.01 billion in total transactions in September 2024, representing 228.89 per cent.
Domestic investors continued to dominate trading activity during the review period, executing transactions that surpassed those of foreign investors by approximately 52 per cent.
The data suggested strong local investor sentiment, despite macroeconomic challenges that have affected emerging markets in recent quarters.
A further breakdown of the figures revealed that domestic transactions were the primary driver of the overall market surge.
Domestic trading volumes rose sharply by 67.5 per cent, rising from N736.6 billion in August to N1.23 trillion in September. Foreign transactions also achieved a notable increase, albeit from a lower base.
Foreign investor participation grew by 125.61 per cent, rising from N171.8 billion (about $112.18 million) to N387.62 billion (approximately $262.73 million) within the same period.
Within the domestic segment, institutional investors emerged as the dominant force. They outperformed retail investors by a wide margin, accounting for the bulk of the monthly gains. Institutional transactions surged by 143.1 per cent, rising from N392.90 billion in August to N955.26 billion in September.
In contrast, retail investor activity slowed down, with retail trades dropping by 18.9 per cent from N343.6 billion in August to N278.6 billion in September.
The continued strength of institutional participation is an indication that large-scale investors, such as pension funds, asset managers, and insurance firms, are deepening their presence in the market, potentially in response to macroeconomic reforms or improved liquidity conditions.
Looking beyond monthly trends, NGX’s long-term data shows that domestic participation has remained resilient over the years.
From 2007 to 2024, domestic transactions grew by 33.1 per cent, increasing from N3.6 trillion in 2007 to N4.7 trillion in 2024.
Foreign participation also expanded during the same period, rising by 38.3.per cent from N616 billion to N852 billion.
Despite the rise in foreign inflows, domestic investors continued to hold a commanding share of the market, accounting for approximately 85 per cent of total trades in 2024, compared to 15 per cent contributed by foreign investors.
So far, domestic transactions have reached about N6.69 trillion, while foreign transactions stand at N1.8 trillion, reinforcing the dominant role of domestic capital in sustaining market momentum.
The latest figures from NGX not only reflect a strong rebound in trading volumes but also highlight the increasing sophistication and assertiveness of Nigerian institutional investors. As global interest in frontier and emerging markets gradually returns, the Nigerian bourse appears well-positioned to benefit from both local and international capital inflows.
