In a remarkable shift, domestic equity trading on the Nigerian Exchange (NGX) reached N13.52 trillion in the first nine months of 2026, exceeding the total of N9.27 trillion recorded throughout 2025 by N4.24 trillion, or 45.73%. This surge reflects a staggering 101.81% increase from N6.70 trillion during the same period last year, showcasing a robust appetite for equities among local investors.
This dramatic rise in trading volume is significant as it underscores the growing dominance of domestic investors, who now account for 89.74% of total equity turnover, up from 78.44% a year ago. The shift indicates a potential transformation in the Nigerian capital markets, as local institutional and retail investors increasingly drive market activity. In contrast, foreign participation has dwindled, with foreign investors trading only N1.55 trillion, a 16.01% decline from the previous year, highlighting a net selling position of N281.26 billion.
Looking ahead, market observers should monitor the implications of this trend. The increasing reliance on domestic investors could stabilize the Nigerian equity market amid global uncertainties, but it also raises concerns about the sustainability of this growth without foreign capital. As local institutions and retail investors continue to shape trading dynamics, the NGX may need to implement strategies to attract foreign investment back into the market, ensuring a balanced and resilient trading environment.