Domestic investors drive NGX to N15.06 trillion in 9 months, foreign share drops to 10%
Domestic investors traded N13.52 trillion in equities on the Nigerian Exchange in the first nine months of 2026, already surpassing the full-year 2025 total of N9.27 trillion by 45.7%. Total equity turnover hit N15.06 trillion, up 76.4% from the same period last year. Domestic investors now command 89.7% of all trading, up from 78.4% a year ago.
The surge is driven by institutions (N8.37 trillion, up 104.8%) and retail investors (N5.15 trillion, up 97.1%). Meanwhile, foreign investors pulled back sharply—trading just N1.55 trillion, down 16%, and recording net sales of N281.3 billion compared to net purchases of N220 billion in 2025. Foreign participation fell to 10.3% of total turnover from 21.6%.
September saw a rebound to N1.82 trillion in total transactions, with domestic institutions crossing N1 trillion in a single month for the first time. However, the NGX notes higher turnover doesn't equal new capital entering the market—it measures trading velocity, not investment inflows.
If you hold Nigerian equities or pension assets tied to the market, this shift means price discovery is increasingly driven by local sentiment rather than global flows. Will you adjust your portfolio strategy for a market where domestic institutions set the pace, or does the liquidity surge signal buying opportunities?