Nigeria recorded N11.92 trillion in equities transactions in 2025, the highest annual turnover in nearly two decades, as a market rally delivered returns of over 50 per cent to investors.
The transaction value, the strongest since 2007, reflected a surge in investor participation amid improving macroeconomic conditions and sustained capital market reforms.
Of the total turnover, foreign investors accounted for N2.64 trillion, or 22.21 per cent, while domestic investors transacted N9.27 trillion, representing 77.79 per cent.
The NGX All-Share Index rose by 51.19 per cent in 2025 to 155,613 points, from 102,926 at the start of the year. Equity market capitalisation expanded by more than N36.6 trillion to N99.38 trillion, one of the largest absolute increases recorded globally in 2025.
Nigeria outperformed most developed and emerging markets, where equity index returns generally remained below 25 per cent.
Foreign inflows into Nigerian equities stood at N1.40 trillion, against outflows of N1.24 trillion, signalling improved foreign portfolio investor sentiment. Domestic retail investors recorded transactions of N3.65 trillion, while domestic institutional investors accounted for N5.62 trillion in trades.
Latest data showed that total transactions rose by 42.13 per cent month-on-month to N1.38 trillion in December 2025 from N971.2 billion in November. Compared with December 2024, transactions more than doubled, rising by 104.91 per cent.
Domestic investors outperformed foreign investors by about 34 per cent in December.
Analysts said the rally was driven by macroeconomic stabilisation, stronger corporate earnings, higher dividends and renewed foreign participation.
Meristem Research said it remains constructive on equities in 2026, citing ongoing reforms, improved investor confidence and favourable yield dynamics.
Economic data showed Nigeria grew by 3.13 per cent, 4.23 per cent and 3.98 per cent in the first three quarters of 2025, while headline inflation eased sharply to 14.45 per cent in November from 34.60 per cent a year earlier. The naira closed the year at N1,448.03 to the dollar, compared with N1,538 at the start of the year.
By December 31, 2025, equity market capitalisation stood at N99.38 trillion, while the fixed income market reached N51.48 trillion. Exchange-traded funds also recorded strong growth.
Nigeria’s equities market has carried the momentum into 2026, with market capitalisation crossing N100 trillion and gaining about N5 trillion as of January 22.
