At the start of 2026, the Nigerian Exchange Limited (NGX) faced uncertainty in January, and trading activity slowed as investors paused to assess the economic outlook.
Consequently, weaker confidence reduced participation across the market.
NGX Market Rebounds After January Slump
However, momentum built quietly beneath the surface, and this set the stage for a strong rebound in February.
By February, the market shifted sharply, and total transactions rose to ₦1.542 trillion, a 78.93% increase from January.
This growth reflected renewed domestic investor confidence and stronger trading activity across segments.
Domestic Investors Drive Growth
According to the NGX Domestic & Foreign Portfolio Investment Report, total transactions reached ₦2.404 trillion for January and February.
This figure marked a 115.33% year-on-year increase, and it highlighted sustained market growth despite economic pressures.
Domestic investors led the recovery, and they contributed ₦1.403 trillion in February.
As a result, they accounted for 90.99% of total transactions and reinforced their dominance in the Nigerian equities market.
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Their participation increased by 87.65% month-on-month, rising from ₦747.83 billion in January.
In addition, institutional investors contributed ₦854.83 billion, while retail investors added ₦548.50 billion.
Foreign Investors Remain Cautious
Meanwhile, foreign investors remained cautious.
They increased transactions to ₦139.03 billion in February, although growth remained modest compared to January.
Foreign inflows rose to ₦66.71 billion, while outflows climbed to ₦72.32 billion.
Consequently, the market recorded a net outflow of ₦5.61 billion, and this reflected continued caution among offshore investors.
Over time, the market expanded steadily across both investor groups.
Domestic transactions grew from ₦3.556 trillion in 2007 to ₦9.275 trillion in 2025.
Similarly, foreign transactions rose from ₦616 billion to ₦2.648 trillion.
However, domestic investors still dominated overall market activity.
In 2025, domestic investors accounted for 78% of total transactions, while foreign investors held 22%.
Early 2026 data shows ₦2.151 trillion in domestic transactions and ₦253.17 billion in foreign transactions.
Therefore, the February rebound followed a weak January and signalled stronger market resilience.
