Domestic investors are driving a major surge in activity on the Nigerian Exchange Limited (NGX), with local transactions reaching a record N10.68 trillion in the first seven months of 2026. The latest figure has already surpassed the N9.27 trillion recorded by domestic investors throughout 2025, highlighting the growing influence of Nigerian investors in the country’s capital market.
According to the NGX Domestic and Foreign Portfolio Investment Report for July 2026, domestic transactions accounted for 89.21 per cent of total market activity during the period. The N10.68 trillion figure represents a 15.21 per cent increase over the full-year 2025 domestic transaction value and marks the highest level of local participation recorded on the exchange in 19 years.
The surge has been driven largely by both institutional and retail investors, who have increasingly become the backbone of trading activity on the exchange. In comparison, foreign transactions stood at N1.29 trillion, representing just 10.79 per cent of total activity. The growing gap comes as international investors remain cautious amid global economic uncertainties, while local investors continue to take a stronger position in Nigerian equities.
NGX data shows that domestic participation has expanded considerably over the years. Domestic transactions increased from N3.56 trillion in 2007 to N9.27 trillion in 2025, while foreign transactions rose from N620 billion to N2.65 trillion over the same period. The acceleration in local activity became particularly noticeable from 2019, with domestic transactions rising from N980 billion that year to N1.43 trillion in 2020 and N1.46 trillion in 2021, before jumping from N4.73 trillion in 2024 to N9.27 trillion in 2025.
The strong domestic inflow is also supporting market liquidity and helping cushion the impact of weaker foreign participation. Nigerian Exchange Group CEO, Temi Popoola, said the market capitalisation of listed companies has climbed from about N30 trillion in May 2023 to approximately N160 trillion currently. He projected that the figure could rise to N230 trillion by the end of 2026, driven by increased local participation, market reforms and expected major new listings.
source: Leadership
