Foreign portfolio investors have poured N1.03 trillion into Nigerian equities in the first nine months of 2025, according to the Nigerian Exchange’s investment report for September 2025.
The figure is more than two and a half times the N396.41 billion recorded for the whole of 2024 and nearly six times the N174.8 billion that came in during 2023.On a year-on-year basis, inflows jumped from N310.99 billion by September 2024 to N1.03 trillion by September 2025, representing a 231% surge.
The rebound marks a striking turnaround in foreign appetite for Nigerian assets. Nairametrics observed that the liberalisation of the foreign exchange market and efforts to clear FX backlogs, among other reforms, have boosted investor confidence.
The inflow figure also shows that reforms are beginning to tilt foreign participation back toward levels not seen in recent years.The monthly numbers reveal a story of volatility rather than steady growth.
January saw inflows of N25.66 billion, down by about 2.29% from December 2024 (when it was N26.26 billion). February slipped further to N18.05 billion, a fall of nearly 30%. In March, however, inflows exploded to N349.97 billion, a month-on-month leap of more than 1,800%, making it the largest inflow of the year so far.That momentum quickly reversed in April, with inflows plunging to N26.64 billion, a 92% drop.
May staged a rebound to N66.11 billion, up 148%, while June edged higher to N72.82 billion, a 10% increase. July retreated to N50.48 billion, down 31%, before August rose strongly to N95.14 billion, up 89%. September then delivered another surge, with inflows climbing to N325.46 billion, a 242% rise from August.
The concentration of flows in March and September is striking. Together they contributed N675.43 billion, which represents almost two-thirds of total foreign inflows so far this year.
