Nigeria’s Stock Market Surges: Local Investors Drive N1.81 Trillion FPI Boom in July 2025

Nigeria’s stock market witnessed a remarkable surge in July 2025, with foreign portfolio investment (FPI) hitting N1.81 trillion, more than double June’s N778.65 billion—a monthly increase of 133 per cent. Year-on-year, the growth was even more pronounced, rising 269 per cent from N491.61 billion recorded in July 2024, according to the latest Nigerian Exchange (NGX) FPI report.

Cumulative portfolio investments for the first seven months of 2025 reached N6 trillion, nearly double the amount recorded during the same period in 2024. While foreign investors contributed to the growth, domestic investors were the dominant force, driving most market activity. Local participation jumped from N639.34 billion in June to N1.66 trillion in July, marking an increase of over 161 per cent in just one month.

A closer look at domestic activity reveals institutional investors led the charge, with trades soaring 216 per cent from N364.71 billion in June to N1.15 trillion in July. Retail investors also increased their participation, contributing N516.50 billion, up 88 per cent from June’s N274.63 billion. This shows a growing confidence among both retail and institutional players in Nigeria’s equity market.

Foreign investment inflows, however, remained cautious, with N50.4 billion entering the market against outflows of N95.4 billion, indicating more funds leaving than coming in. Still, overall FPI for January to July 2025 stood at N1.28 trillion, more than double the N598 billion recorded in the same period last year, highlighting sustained foreign interest despite the outflows.

Market analysts attribute the surge in investment to strong performance by the All-Share Index, which rose 37.7 per cent in 2024 and has already gained over 37 per cent in 2025. Coupled with a more stable exchange rate and improving inflation outlook, both local and foreign investors are showing renewed confidence. Experts believe that with continued reforms in forex stability, inflation control, and market transparency, Nigeria’s capital market could attract even higher investments in the months ahead.

Source: The sun