•Central Bank’s strategic reforms successfully lure back global capital.
••Stock market inflows jump 846% following liquidity stabilization measures.
Foreign portfolio inflows into Nigeria’s stock market surged to ₦1.03 trillion as of September 2025, marking an unprecedented 846 percent rise from ₦108.93 billion recorded in the comparable period of 2023, the Nigerian Exchange Limited (NGX) said.
The report also showed a sharp rise in foreign outflows to ₦810.39 billion, up 443.6 percent from ₦149.09 billion in 2023, reflecting more active portfolio rebalancing by offshore investors. The combined value of foreign transactions — inflows and outflows — reached ₦1.84 trillion, a 613.4 percent increase from ₦258.02 billion a year earlier.
Domestic investor activity expanded as well, climbing 172.6 percent to ₦6.69 trillion in 2025 from ₦2.45 trillion in 2023, according to NGX figures. Market participants said the momentum follows policy moves including foreign exchange liberalisation, improved monetary coordination and Central Bank of Nigeria (CBN) measures to stabilise liquidity.
“Reforms that restore FX flexibility and strengthen monetary policy have helped reopen the market to offshore buyers,” said an analyst who asked not to be named. Attractive equity valuations, a firmer naira and renewed faith in fiscal and structural reforms are also drawing portfolio investors seeking higher yields amid global volatility, traders said.
The surge positions Nigeria among the more active emerging markets in 2025 for foreign investment flows, but analysts cautioned that the trend’s sustainability depends on consistent macroeconomic management. “Inflation remains in double digits and foreign exchange stability is still fragile. Long‑term inflows will depend on credible, predictable policy,” an economist advised.
The inflow milestone signals renewed investor confidence and adds liquidity to the market, which could spur capital formation across sectors if reforms are sustained. However, market watchers urged greater transparency and regular reporting of metrics to allow independent assessment of long‑term impact.
NGX data used in this report cover transactions through September 2025. Further commentary from the CBN and the Ministry of Finance was not available at press time.
