Nigeria’s Stock Market Sees 846% Surge in Foreign Inflows, Hits ₦1.03 Trillion as Investor Confidence Rebounds
Nigeria’s stock market has witnessed a dramatic resurgence in foreign investor confidence, with foreign portfolio inflows soaring by 845.9% to ₦1.03 trillion as of September 2025, compared to ₦108.93 billion recorded in 2023. According to data from the Nigerian Exchange Limited (NGX), this sharp rise marks one of the most significant recoveries in foreign participation in Nigeria’s equity market in recent years, signaling renewed optimism among global investors.
The report titled “Domestic and Foreign Portfolio Participation in Equity Trading” also showed that foreign investment outflows increased by 443.6% to ₦810.39 billion in the same two-year period, up from ₦149.09 billion in 2023. Combined, total foreign transactions — comprising both inflows and outflows — climbed to ₦1.8 trillion, representing a 613.4% surge from ₦258.02 billion in 2023.
Overall, the Nigerian stock market recorded robust growth in total trading activities. Combined transactions by both domestic and foreign investors rose by 214.8% to ₦8.53 trillion from ₦2.71 trillion in 2023. Domestic investors maintained dominance, with their transactions rising 172.6% to ₦6.69 trillion, outperforming foreign investors by over 2,400%, underscoring strong local confidence in the equity market’s resilience.
Commenting on the development, investment banker and stockbroker Tajudeen Olayinka attributed the inflow surge to improved macroeconomic stability and policy reforms initiated under President Bola Ahmed Tinubu’s administration. “The growing foreign reserves, declining inflation, and moderating interest rates reflect the impact of the adjustment program introduced in 2023,” Olayinka said. He, however, cautioned that structural challenges must still be addressed to sustain the momentum and guard against external shocks.
Similarly, David Adonri, Vice Executive Chairman of Highcap Securities Limited, described the turnaround as evidence of restored investor trust. “In 2023, foreign portfolio outflows exceeded inflows due to weak confidence. But by 2025, the inflows have not only caught up but surpassed outflows, leading to a stronger market,” Adonri noted. He highlighted that the All Share Index (ASI) surged from about 50,000 points in 2023 to over 155,000, adding that the influx of foreign funds has stabilized the foreign exchange market, boosted capital formation, and created a ripple effect across the broader economy.
source: vanguard