Overseas portfolio traders have poured N1.03 trillion into Nigerian equities within the first 9 months of 2025, in accordance with the Nigerian Alternate’s funding report for September 2025.
The determine is greater than two and a half occasions the N396.41 billion recorded for the entire of 2024 and almost six occasions the N174.8 billion that got here in throughout 2023.
On a year-on-year foundation, inflows jumped from N310.99 billion by September 2024 to N1.03 trillion by September 2025, representing a 231% surge.
The rebound marks a hanging turnaround in international urge for food for Nigerian property. Nairametrics noticed that the liberalisation of the international change market and efforts to clear FX backlogs, amongst different reforms, have boosted investor confidence. The influx determine additionally reveals that reforms are starting to tilt international participation again towards ranges not seen in recent times.
Month-to-month flows swing wildly as traders take a look at confidence
The month-to-month numbers reveal a narrative of volatility moderately than regular development. January noticed inflows of N25.66 billion, down by about 2.29% from December 2024 (when it was N26.26 billion).
February slipped additional to N18.05 billion, a fall of almost 30%. In March, nevertheless, inflows exploded to N349.97 billion, a month-on-month leap of greater than 1,800%, making it the biggest influx of the yr to date.
That momentum shortly reversed in April, with inflows plunging to N26.64 billion, a 92% drop. Might staged a rebound to N66.11 billion, up 148%, whereas June edged greater to N72.82 billion, a ten% enhance. July retreated to N50.48 billion, down 31%, earlier than August rose strongly to N95.14 billion, up 89%. September then delivered one other surge, with inflows climbing to N325.46 billion, a 242% rise from August.
The focus of flows in March and September is hanging. Collectively they contributed N675.43 billion, which represents virtually two-thirds of whole international inflows to date this yr.
Native traders stay dominant however international share is rising
Regardless of the milestone, home traders nonetheless account for the lion’s share of market exercise. From January to September, home trades reached N6.70 trillion, making up 78.4% of whole transactions. Overseas trades stood at N1.84 trillion, representing 21.6%.
In September, home trades rose 67.5% to N1.23 trillion from August ranges, pushed by a pointy rise in institutional exercise. Institutional trades jumped 143% to N955.26 billion, whereas retail exercise fell 19% to N278.57 billion. Overseas transactions additionally grew strongly in the identical month, climbing 126% to N387.62 billion. Importantly, inflows accounted for greater than 84% of that determine, displaying that September was pushed by new international entries moderately than exits.
Overseas participation has already outpaced latest historical past. Whole international transactions of N1.84 trillion to date in 2025 are greater than double the N852.03 billion seen in all of 2024, a 116% enhance.
Nairametrics additionally noticed that international portfolio inflows surpassed outflows for the primary time in recent times, breaking the lengthy pattern of internet international withdrawals.
What it is best to know
The surge in inflows is a transparent vote of confidence in Nigeria’s reform drive, but the sustainability of those flows remains to be an open query. Outflows within the first 9 months of 2025 reached N810.39 billion, displaying that many traders stay cautious and prepared to tug cash out shortly.
September’s inflows alone have been virtually equal to the entire inflows recorded in all of 2024. If present momentum holds, international inflows may exceed N1.3 trillion by the tip of the yr, making 2025 one of many strongest years on file.
The problem for policymakers might be changing these short-term bets into longer-term commitments, deepening liquidity within the capital market, and shielding inflows from the swings of worldwide threat sentiment.