Domestic investors traded N13.52 trillion worth of equities on the Nigerian Exchange (NGX) in the first nine months of 2026, exceeding the N9.27 trillion recorded throughout 2025 by N4.24 trillion, or 45.73%.
This is according to the NGX Domestic and Foreign Portfolio Investment Report for September 2026, which showed that domestic equity transactions rose 101.81% from N6.70 trillion in the corresponding period of 2025.
Domestic investors now account for 89.74% of total equity turnover, compared with 78.44% a year earlier, reflecting the growing dominance of local institutions and retail investors.
Domestic Trading surges 101.81%:
Total equity transactions on the NGX rose 76.41% to N15.06 trillion in the nine months, compared with N8.54 trillion in the corresponding period of 2025.
The figure also exceeded the approximately N11.92 trillion recorded throughout 2025 by 26.33%, with domestic investors accounting for most of the increase.
- Domestic institutional investors traded N8.37 trillion, representing a 104.81% increase from N4.09 trillion in the corresponding period of 2025. They accounted for approximately 63% of the increase in domestic transactions.
- Domestic retail investors recorded N5.15 trillion in transactions, up 97.12% from N2.61 trillion a year earlier.
- Foreign investors traded N1.55 trillion, down 16.01% from N1.84 trillion, reducing their share of total transactions to 10.26% from 21.56%.
- Foreign trading during the nine months represented approximately 58% of the N2.65 trillion recorded throughout 2025, contrasting with domestic transactions, which had already surpassed their full-year 2025 level.
The year-on-year comparison provides a clearer measure of trading growth because it compares the same nine-month periods, rather than nine months of 2026 against the full 2025 calendar year.
Foreign Investors record N281 billion Net Sales:
Foreign investors remained net sellers of Nigerian equities during the first nine months of 2026, selling N281.26 billion more than they purchased.
This compares with net purchases of N219.94 billion in the corresponding period of 2025, representing a negative swing of N501.20 billion.
- Foreign purchases declined 38.63% to N632.35 billion, while sales increased 12.74% to N913.61 billion. Foreign investors recorded net sales every month, with the largest occurring in March at N74.72 billion and April at N66.10 billion.
- September equity transactions rebounded 43.06% to N1.82 trillion from N1.27 trillion in August, making it the third-highest trading month of 2026 after July and May. Foreign transactions rose 208.14% to N191.14 billion, although foreign investors remained net sellers by N6.10 billion.
- Domestic institutional trading crossed N1 trillion in September, reaching N1.005 trillion, up 53.57%, while retail transactions increased 12.10% to N619.77 billion. Retail investors recorded net purchases of N5.27 billion.
Nairametrics previously reported that foreign participation dropped to 4.89% in August, its lowest level of 2026, while domestic transactions had reached N11.89 trillion. Domestic trading had already exceeded the full-year 2025 total in July, reaching N10.68 trillion.
However, net foreign equity sales should not be interpreted as equivalent foreign exchange outflows, as the transactions do not establish how much foreign currency actually left Nigeria.
What the NGX trading figures reveal:
The sharp increase in domestic equity transactions highlights the growing role of local investors, particularly institutions, in determining trading activity on the Nigerian Exchange.
However, the figures measure the value of equity purchases and sales rather than the number of investors, new capital entering the market or changes in the market value of investors’ holdings.
- The NGX report of higher trading turnover does not necessarily indicate an equivalent increase in new investment.
- The NGX’s September narrative reported retail trading growth of 47.41% and institutional growth of 23.74%.
- However, calculations using the report’s figures show increases of 12.10% and 53.57%, respectively.
This analysis uses the growth rates calculated from the reported transaction values. With domestic institutions accounting for much of the increase in equity turnover, trading activity on the NGX remains increasingly dependent on local investors’ appetite, even as foreign participation continues to weaken.