NGX records 80% local participation, 21% foreign in 2025

Chairman of the Nigerian Exchange Group, Dr Umaru Kwairanga says domestic investors dominated trading activities on the Nigerian Exchange in the year, accounting for 80 per cent of total transaction value.

Kwairanga, in an interview with our correspondent on Monday, said foreign investors contributed roughly 21 per cent of total turnover, reflecting growing offshore interest in Nigerian assets.

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

He noted that in spite of global uncertainties and foreign exchange challenges, the equities 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 Dec. 24.

“This performance places the Nigerian Exchange among Africa’s top-performing stock markets in 2025,” he said.

Kwairanga noted that total market capitalisation continued to expand.

He explained that equities dominated the market, 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.

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, he noted that foreign participation remained modest relative to domestic activity.

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

Kwairanga emphasised the need to deepen sustained and diversified foreign capital inflows going forward.

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.