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Domestic transactions on the Nigerian Exchange Limited (NGX) rose to a record N10.68 trillion in July 2026, surpassing the total value recorded in the whole of 2025 and marking the highest level in the last 19 years.
According to the NGX Domestic and Foreign Portfolio Investment Report for July 2026, year-to-date domestic transactions reached N10.68 trillion, representing 89.21% of total market activity.
The figure exceeds the N9.27 trillion domestic transactions recorded throughout 2025 by 15.21%, highlighting the growing dominance of local investors in Nigeria’s capital market.
What the data is saying
The report showed that domestic investors continued to account for the bulk of transactions on the exchange, while foreign participation remained relatively subdued.
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Year-to-date foreign transactions stood at N1.29 trillion, representing 10.79% of total market transactions.
According to NGX, domestic transactions have expanded significantly over the past two decades.
- “Over a nineteen-year period, domestic transactions increased significantly by 160.83% from N3.56 trillion in 2007 to N9.27 trillion in 2025, while foreign transactions increased by 329.87% from N0.62 trillion to N2.65 trillion over the same period,” the report stated.
The exchange noted that domestic investors accounted for about 78% of total market transactions in 2025, compared to 22% recorded by foreign investors.
Strong growth over the last decade
Analysis of market activity over the past ten years shows a sustained increase in domestic participation, particularly since 2019.
- Domestic transactions rose from N980 billion in 2019 to N1.43 trillion in 2020 and N1.46 trillion in 2021 before accelerating further in subsequent years.
- The most significant jump occurred between 2024 and 2025, when domestic transactions nearly doubled from N4.73 trillion to N9.27 trillion.
The trend has continued into 2026, with the seven-month total already exceeding the full-year 2025 figure.
Get up to speed
The report comes amid declining foreign investor activity on the NGX.
- In May 2026, foreign transactions fell by 25.9% month-on-month to N183.61 billion from N247.78 billion recorded in April.
- Foreign investors’ share of total market transactions also dropped to 9% in May, reflecting continued caution among offshore investors despite the broader market rally.
Unlike domestic transactions that have already exceeded the whole of 2025 in just seven months of 2026, foreign transactions have only reached N1.3 trillion in July 2026, compared to N2.65 trillion recorded in the whole of 2025.
What you should know
The surge in domestic transactions underscores the growing role of local institutional and retail investors in driving activity on the Nigerian stock market.
Earlier this month, the Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi Popoola, projected that the market capitalization of companies listed on the NGX could reach N230 trillion by the end of 2026.
According to him, the value of listed companies has risen from about N30 trillion when President Bola Tinubu assumed office in May 2023 to approximately N160 trillion currently, supported by strong investor participation, market reforms, and expectations of major new listings.
The latest NGX data suggests domestic investors are increasingly becoming the primary drivers of growth in Nigeria’s capital market, helping to offset weaker foreign portfolio inflows while supporting liquidity and market expansion.
