In the first quarter of 2025, Nigeria’s stock market recorded impressive growth, with total transactions hitting N2.23 trillion. This surge was largely attributed to a spike in foreign transactions, which accounted for a significant portion of the trading volume. Specifically, in March 2025, foreign transactions soared to N699 billion, representing 62.74% of the total N1.11 trillion in trades executed that month. This sharp increase was primarily linked to block trades, a notable development highlighted by the Nigerian Exchange Limited (NGX).
The data from NGX also revealed a striking contrast in the performance of domestic and foreign investors. Between February and March 2025, while domestic transactions saw a 10.98% decrease—from N466.82 billion to N415.62 billion—foreign transactions surged by a staggering 1,541%, jumping from N42.65 billion in February to N699.89 billion in March. This dramatic rise underscores the growing influence of international investors in the Nigerian stock market, particularly through large-scale block trades.
Despite the robust foreign market activity, the domestic sector showed mixed performance. Domestic retail transactions decreased by 8.11% in March compared to February, falling from N214.51 billion to N197.12 billion. Meanwhile, institutional investors outperformed retail investors, with the former showing a 6% higher participation in the market. NGX’s monthly report, which tracks both foreign and domestic portfolio investments, suggests that the market’s overall activity is increasingly driven by institutional and foreign investors.
Looking at the broader trend, March 2025 saw a notable 118.95% month-on-month increase in total market transactions, rising from N509.47 billion in February to N1.12 trillion. When compared to March 2024, the market’s performance showed a 107.14% year-on-year improvement. This increase was largely fueled by foreign investment, which outpaced domestic investment by about 26%, reflecting a shift towards international capital flows within Nigeria’s stock market.
Source: Business day