By Dickson Pat
Domestic transactions on the Nigerian Exchange Limited ,NGX, have grown substantially over the last 18 years, reaching a cumulative total of N4.74trn in 2024, a 33.15% increase from N3.556trn recorded in 2007.
This was disclosed in the latest Domestic and Foreign Portfolio Investment Report released by NGX, which also detailed a sharp spike in market activity for March 2025.
According to the report, total transactions on the NGX surged by 118.95% month-on-month, rising from N509.47bn in February 2025 to N1.1155trn in March 2025.
Year-on-year, the figure represented a 107.14% increase compared to N538.54bn recorded in March 2024. Notably, foreign investors accounted for a larger share of the market in March, outperforming domestic investors by approximately 26%.
Despite the overall market growth, domestic participation declined in the latest monthly figures. Total domestic transactions fell by 10.98% from N466.82bn in February 2025 to N415.62bn in March.
The downturn was observed across both institutional and retail categories. Retail transactions dropped by 8.11% to N197.12bn, while institutional activity declined by 13.40% to N218.50bn.
In contrast, foreign transactions experienced an unprecedented jump. From just N42.65bn in February 2025, foreign investment skyrocketed to N699.89bn in March, representing a staggering 1,541% increase.
Analysts attribute the surge to renewed investor confidence amid recent economic policy shifts and relative currency stability.
While foreign activity dominated March 2025, historical data showed that domestic investors have consistently driven market activity.
In 2024, domestic investors were responsible for about 85% of total trades on the NGX, with foreign investors accounting for the remaining 15%.
For the 2025 year-to-date, domestic transactions stand at approximately N2.28trn, while foreign transactions are pegged at N814.05bn.
The 18-year investment trend underscores the resilience and evolution of Nigeria’s capital markets, as both domestic and foreign participation have recorded notable growth. Foreign transactions rose by 38.31% over the period, from N616bn in 2007 to N852bn in 2024.
Institutional investors continue to maintain a slight edge over retail participants, outperforming them by six per cent in March 2025. However, the consistent presence of retail investors reflects a maturing investment culture among Nigerians.
Market analysts view the March performance as a signal of heightened interest and momentum, especially from foreign stakeholders.
