NGX: Domestic & Foreign Portfolio Investments jump 115.33% to N2.404trn in Feb-2026

Total transactions on the Nigerian Exchange Limited (NGX) rose cumulatively by 115.33% year-on-year to N2.404 trillion as of February 2026, compared to N1.116 trillion recorded in the same period of 2025.

This is according to the latest Domestic & Foreign Portfolio Investment Report released by the Nigerian Exchange Limited, which captures equities transactions as of February 28, 2026.

But in February alone, total transactions rose by 78.93% to N1.542 trillion, up from N0.862 trillion recorded in January 2026, reflecting a strong rebound in trading activity after the January lull, driven largely by domestic investors.

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The data highlights sustained growth momentum in Nigeria’s equities market despite persistent macroeconomic uncertainties and cautious foreign investor sentiment.

What the data is saying

Domestic investors accounted for the bulk of market activity in February 2026, reinforcing their dominance in Nigeria’s equities market.

• Domestic transactions stood at N1.403 trillion, representing 90.99% of total market activity, while foreign transactions contributed N139.03 billion (9.01%).
• Domestic participation surged by 87.65% month-on-month, rising from N747.83 billion in January to N1.403 trillion in February.
• Foreign transactions recorded a slower growth of 21.81%, increasing from N114.14 billion in January to N139.03 billion in February.
• Cumulatively, total transactions for January and February 2026 reached N2.404 trillion, up by 115.33% compared to N1.116 trillion recorded in the same period of 2025.

This performance underscores the growing dominance of domestic investors, who outpaced foreign participation by a wide margin and continue to drive liquidity in the market.

More insights

Despite the increase in foreign participation in absolute terms, net capital outflow persisted, reflecting lingering caution among offshore investors.

• Foreign inflows rose by 39.39% to N66.71 billion in February, up from N47.86 billion in January.
• Foreign outflows increased by 9.12% to N72.32 billion, resulting in a net outflow of N5.61 billion.
• Institutional investors dominated domestic activity with N854.83 billion (60.99%), while retail investors contributed N548.50 billion.
• Institutional participation surged by 120.36% month-on-month, compared to a 52.42% increase in retail transactions.

The faster rise in inflows relative to outflows suggests a gradual return of foreign interest, although not yet strong enough to reverse the net outflow trend.

Get up to speed

Historical data shows a long-term expansion in both domestic and foreign participation, although local investors continue to dominate the Nigerian equities market.

• Domestic transactions grew by 160.83% from N3.556 trillion in 2007 to N9.275 trillion in 2025.
• Foreign transactions increased by 329.87% over the same period, rising from N616 billion to N2.648 trillion.
• In 2025, domestic investors accounted for 78% of total market activity, compared to 22% for foreign investors.
• Year-to-date figures for 2026 indicate N2.151 trillion in domestic transactions and N253.17 billion in foreign transactions.

The strong start to 2026 suggests the Nigerian equities market is on track for a robust year, supported by strong domestic liquidity and improving investor participation across key segments.

What you should know

January 2026 marked a sharp contraction in NGX trading activity, setting the stage for a rebound in February.

• In January, the total transactions fell 37.6% month-on-month to N861.97 billion, dragged by a steep 75% plunge in foreign participation to N114.14 billion.
• Domestic trade declined to N747.83 billion despite sustained dominance.
• This weak outing contrasts with February’s surge to N1.54 trillion, driven by a strong recovery in domestic institutional activity and modest improvement in foreign flows, highlighting a market rebound from January’s liquidity and participation dip.

On a comparative basis, domestic transactions grew by 114.61%, while foreign transactions increased by 121.76% year-on-year, albeit from a lower base.

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