Total transactions on the Nigerian Exchange more than doubled in 2025, rising to an all-time high of ₦11.23 trillion as increased foreign investor participation lifted market activity, trading data showed on Sunday.
Figures indicated that market turnover jumped by 101 per cent from ₦5.59 trillion recorded in 2024, marking the strongest annual performance in the history of the Exchange. The result contrasts sharply with previous years, when turnover stood at ₦3.58 trillion in 2023, ₦2.32 trillion in 2022 and ₦1.90 trillion in 2021.
Analysts said the surge was largely driven by renewed interest from foreign portfolio investors, whose participation in Nigerian equities climbed to its highest level in four years. The market also recorded a net positive foreign flow in 2025, reversing a prolonged trend of capital flight as inflows exceeded outflows.
The strong turnover came amid a broader rally that saw Nigerian equities close 2025 as one of the world’s five best-performing stock markets. The NGX All-Share Index rose by 51.19 per cent over the year, translating to a net capital gain of ₦32.13 trillion.
Group Managing Director of Nigerian Exchange Group Plc, Temi Popoola, attributed the market’s performance to improving investor confidence in Nigeria’s macroeconomic outlook and policy direction. He said reforms implemented during the year helped create a more stable environment for capital formation.
“The Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds,” Popoola said. “This performance underscores the importance of policy consistency, purposeful reforms and strategic collaboration in sustaining market growth.”
Chairman of the Association of Securities Dealing Houses of Nigeria, Sehinde Adenagbe, said the rally reflected the impact of ongoing economic reforms, including improvements in the foreign exchange market and the enactment of the Investment and Securities Act 2025. He added that Nigeria’s exit from the Financial Action Task Force grey list also helped boost foreign investor confidence.
Managing Director of GTI Capital, Kehinde Hassan, noted that stock market performance often mirrors global investor perception of an economy, adding that the sustained inflows suggested growing confidence in Nigeria’s medium-term outlook.
