By BizWatch Nigeria Markets Desk | March 30, 2026
Key Points
- Foreign outflows rise 9.12% to N72.32bn in February
- Inflows increase 39.39% but remain below outflows
- Domestic investors account for over 90% of total market activity
Main Story
Foreign portfolio investors withdrew N72.32 billion from the Nigerian Exchange (NGX) in February 2026, representing a 9.12% increase from January, despite a notable rebound in capital inflows during the same period.
According to the NGX Domestic & Foreign Portfolio Investment Report, foreign inflows rose sharply by 39.39% to N66.71 billion, up from N47.86 billion recorded in January. However, the stronger inflows were insufficient to offset capital exits, resulting in a net outflow of N5.61 billion.
Total foreign transactions climbed 21.81% month-on-month to N139.03 billion, indicating renewed but cautious participation by offshore investors.
Meanwhile, domestic investors continued to dominate trading activity, accounting for 90.99% of total transactions, as overall market turnover surged to N1.542 trillion in February.
The Issues
Nigeria’s equities market continues to grapple with structural investor confidence challenges driven by macroeconomic instability, exchange rate volatility, and policy uncertainty. While improved inflows suggest tentative re-entry, persistent outflows reflect ongoing risk aversion among foreign investors.
What’s Being Said
“The narrowing net outflow suggests some level of stabilisation, but foreign investors remain cautious due to macroeconomic concerns,” the NGX report noted.
Market analysts also highlight that domestic institutional investors are increasingly acting as liquidity anchors amid declining foreign participation.
What’s Next
- Investors to monitor macroeconomic policy direction and FX stability
- NGX expected to release March trading data for trend confirmation
- Foreign participation outlook tied to inflation, interest rates, and policy clarity
The Bottom Line:
Nigeria’s equities market is showing early signs of foreign investor re-engagement, but sustained inflows will depend on macroeconomic stability and credible policy signals that reduce perceived investment risk.
 in February 2026, representing a 9.12% increase from..){kind=link}