Foreign Investors Put ₦609.73bn into Nigerian Stocks in Q2 of 2025

Foreign participation on the Nigerian Exchange (NGX) has rebounded sharply, with foreign portfolio inflow rising 354.4% to ₦609.73 billion in the first seven months of 2025 (7M’25), up from ₦134.19 billion in the same period of 2022 (7M’22). 

The NGX’s domestic and foreign transactions report also shows foreign outflow up 382.2% to ₦671.56 billion (7M’25) from ₦138.97 billion (7M’22), taking total foreign flows (inflows + outflows) to ₦1.281 trillion, a 369.2% rise from ₦273.16 billion in 7M’22.

Turnover accelerates across the market

Overall activity at the bourse expanded strongly: total transactions climbed 240.8% to ₦6.008 trillion in 7M’25 versus ₦1.763 trillion in 7M’22. On the domestic side, both investor segments stepped up:

• Retail investors: up 311.6% to ₦1.988 trillion (7M’25) from ₦482.79 billion (7M’22).
  
• Institutional investors: up 171.9% to ₦2.738 trillion (7M’25) from ₦1.007 trillion (7M’22).

Year-to-date picture

As at July 2025 (YtD), foreign inflow stood at ₦609.73 billion, 128.7% above ₦266.64 billion recorded by July 2024. Foreign outflow was ₦671.56 billion YtD July 2025, compared with ₦33.36 billion in the corresponding period of 2024.

Longer-run context

Looking over the last two decades of NGX data:

• Domestic transactions rose 33.15% from ₦3.556 trillion (2007) to ₦4.735 trillion (2024).
  
• Foreign transactions increased 38.31% from ₦616 billion to ₦852 billion over the same period.
  
• In 2024, domestic investors accounted for about 85% of total turnover, with foreign investors at 15%.
  
• For 2025 to date, total domestic transactions are around ₦4.7269 trillion, while total foreign transactions are about ₦1.28123 trillion.

FX market note

Against the backdrop of higher foreign flows, the Association of Bureaux De Change Operators of Nigeria (ABCON) says BDCs continue to provide foreign-exchange services, offering an additional retail channel alongside official windows.