Stock market records 80% local participation, 21% foreign in 2025

Domestic investors dominated trading activities on the Nigerian Exchange Group (NGX) in 2025, accounting for 80 per cent of total transactions in the stock market.

The NGX Chairman, Dr Umaru Kwairanga, disclosed this on Monday, December 29, 2025.

Kwairanga said foreign investors contributed about 21 per cent of total turnover, reflecting growing offshore interest in Nigerian assets.

“Thisparticipation highlights strong local confidence alongside emerging foreign investor interest,” he said.

The NGX chairman noted that in spite of global uncertainties and foreign exchange challenges, the stock market remained resilient throughout the year.

According to him, the NGX All-Share Index recorded robust gains of about 49.17 per cent as of December 24, 2025.

“This performance places the Nigerian Exchange among Africa’s top-performing stock markets in 2025,” Kwairanga stated, adding that total market capitalisation continued to expand.

Kwairanga explained that equities dominated the smarket, contributing over N98 trillion, representing about 65 per cent of total capitalisation.

“This growth was supported by strong corporate earnings and investor appetite for fundamentally sound companies,” he said.

Naira appreciates against dollar at official market

The NGX chairman identified banking, consumer goods, industrial, and telecommunications sectors as key drivers of market depth.

On the primary market, Kwairanga said capital raised through new listings rose to an estimated N6.34 trillion.

“The surge was largely driven by strategic bank recapitalisation and renewed issuer confidence,” he said.

Kwairanga said foreign portfolio investment recorded meaningful year-on-year growth, with some periods showing double-digit increases.

However, the NGX chairman stated that foreign participation remained modest relative to domestic activity.

“This was constrained by macroeconomic uncertainty, exchange rate dynamics and policy clarity issues,” Kwairanga added.

Looking ahead to 2026, he said the focus would be on consolidating gains and strengthening market resilience.

“Our priority is to build a more competitive, inclusive and globally attractive capital market,” he said.

The Star