Investor participation on Nigerian Exchange Limited (NGX) surged in the first 10 months of 2025, with total transactions climbing to N9.57 trillion, more than double the N4.47 trillion posted in the corresponding period of 2024.

The recent Domestic and Foreign Portfolio Participation Report released by NGX shows that the market recorded its strongest activity level yet, driven by heightened interest from Pension Fund Administrators (PFAs), high-net-worth investors, and a steady rise in retail participation.

Foreign portfolio investors (FPIs) traded N2.03 trillion during the period, representing a 172.4 percent increase from the N744 billion recorded a year earlier. Domestic investors remained the dominant force, accounting for N7.54 trillion in trades, up 102.4 percent from N3.73 trillion in the same period of 2024.

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Commenting on the trend, David Adonri, Vice Chairman of Highcap Securities Limited, said the rise in retail activity is a positive indicator for market resilience.

“The growth in retail participation at a time when institutional and foreign investors are slowing down shows that local investors are becoming more confident and more informed.

“It reflects the impact of technology, easier access and sustained market education. Retail investors are gradually becoming a stabilising force in our market,” he said.

The report indicates that FPIs strengthened their market share to 21.18 percent, up from 16.65 percent, while domestic investors’ share moderated to 78.82 percent from 83.35 percent.

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Institutional investors led domestic activity with N4.6 trillion in transactions, compared with N1.8 trillion in the corresponding period of 2024. Retail investors also expanded their footprint, trading N2.9 trillion between January and October 2025, up from N1.9 trillion in the same period last year.

On capital flows, foreign inflows rose sharply to N1.12 trillion, up from N344 billion in 2024, while outflows increased to N909.54 billion from N400.04 billion.

Providing broader context, NGX noted that domestic transactions have grown by 33.15 percent over the last 18 years, from N3.56 trillion in 2007 to N4.74 trillion in 2024. Foreign transactions increased by 38.31 percent over the same period, rising from N616 billion to N852 billion. For 2025 so far, domestic activity stands at N7.54 trillion, while foreign transactions total N2.03 trillion.