Foreign inflows jump 78% on NGX amid rising outflows
Foreign Inflows Surge 78% on Nigerian Exchange Amid Increased Outflows
By Peter Egwuatu
Foreign investment activity on the Nigerian Exchange Limited (NGX) saw a notable increase in the first quarter of 2026, with foreign inflows rising 78% to N393.68 billion, compared to N221.62 billion during the same period in 2025. This marked improvement indicates a renewed interest among investors in the market.
Despite the influx of foreign capital, there was also a significant rise in capital outflows. Foreign outflows increased by 31.2% to N420.37 billion year-to-date, up from N320.37 billion in 2025. This trend highlights a dual scenario in which more foreign funds entered the market even as a considerable amount was withdrawn, reflecting a cautious investor outlook.
A report from the NGX on domestic and foreign portfolio participation in equity, released on Wednesday, indicated that total transactions on the Exchange grew by 13.1% month-over-month. In March 2026, total transactions reached N1.744 trillion (approximately $1.26 billion), an increase from N1.5424 trillion (about $1.13 billion) in February.
Domestic investors continued to play a dominant role in market activity, accounting for about 66% of the transaction value in March 2026. While foreign transactions soared, domestic activity increased modestly. Domestic transactions rose by 3.72%, from N1.4033 trillion in February to N1.4556 trillion in March. In contrast, foreign transactions surged by 107.74%, escalating from N139.03 billion (approximately $101.97 million) to N288.82 billion (about $208.28 million).
Within the domestic segment, institutional investors retained their advantage over retail investors. In March 2026, institutional transactions surpassed retail transactions by 26%. Retail transactions experienced a small decline of 1.3%, dropping to N541.37 billion from N548.50 billion in February. Conversely, institutional transactions increased by 6.95%, rising from N854.83 billion to N914.23 billion.
