The Nigerian stock market has recorded an unprecedented N10 trillion turnover, driven by growing confidence from both foreign and domestic investors in the country’s macroeconomic outlook and the earnings potential of listed companies.

Data from the Nigerian Exchange (NGX) shows that total transactions in the first 10 months of 2025 reached N9.57 trillion, more than doubling the N4.47 trillion recorded in the same period of 2024 — a 114.1% increase.

The growth was significantly fueled by foreign portfolio investors (FPIs), who now account for 21.2% of total market transactions, up from 16.7% in 2024. Total foreign transactions nearly tripled, reaching N2.03 trillion, while FPI inflows surged 225% to N1.118 trillion, compared to N344 billion in the same period last year. Outflows also rose to N909.6 billion, giving the market a net FPI surplus of N209 billion — a remarkable turnaround from a deficit of N56 billion in 2024.

Domestic investors also contributed strongly, with total trades hitting N7.54 trillion, compared to N3.73 trillion in 2024. Institutional investors accounted for N4.6 trillion of this, up from N1.8 trillion, while retail investors increased their participation to N2.9 trillion from N1.9 trillion.

NGX noted that domestic transactions have grown 33.15% over the last 18 years, from N3.56 trillion in 2007 to N4.74 trillion in 2024, while foreign transactions rose 38.31% over the same period.

Experts attribute the surge in market activity to improved macroeconomic stability, policy reforms, and investor-friendly initiatives such as the liberalization of the naira, removal of fuel subsidies, and stronger coordination between fiscal and monetary authorities.

Temi Popoola, Group Managing Director of NGX Group, said the market’s resilience reflects “a wave of coordinated reforms” that have restored investor confidence and strengthened the financial system.

Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), highlighted the impact of the Investments and Securities Act 2025, describing it as a turning point for governance, transparency, and market integrity.

Meanwhile, David Adonri, Managing Director of Highcap Securities Limited, noted that rising retail participation is a positive sign, showing that local investors are becoming more confident, informed, and stabilizing the market alongside institutional and foreign investors.

The record turnover underscores Nigeria’s growing appeal as an investment destination and highlights the resilience of its capital markets in a dynamic macroeconomic environment.