Nigeria’s equities market delivered strong year-on-year growth in January 2026, with total transaction value rising by 42 per cent compared to the same period in 2025, according to data released by Nigerian Exchange Limited.
Market turnover for January stood at N862 billion, up from N607.1 billion recorded in January 2025. However, month-on-month analysis revealed a significant contraction in trading activity. Total transactions declined by 37.55 per cent from N1.38 trillion posted in December 2025.
The decline reflected reduced activity across both domestic and foreign investor segments. Market data showed that domestic investors maintained dominance, accounting for approximately 86.8 per cent of total transactions during the review period. Foreign investors contributed 13.2 per cent.
In value terms, domestic transactions amounted to N747.8 billion, while foreign transactions stood at N114.1 billion. Further breakdown indicated that domestic transactions declined by 18.92 per cent compared to December 2025, when domestic turnover reached N922 billion.
Foreign participation recorded a much steeper decline, dropping by 75.08 per cent from N458 billion in December to N114 billion in January. The exchange attributed the sharp reduction in foreign transaction volume to the absence of large block trades that had significantly boosted turnover in December.
Within the domestic category, institutional investors marginally outperformed retail investors despite recording a substantial decline in activity.
Institutional trades were valued at N388 billion in January, representing a 35.73 per cent decrease from N604 billion recorded in December. Retail investor participation, on the other hand, showed resilience. Retail transactions increased by 12.92 per cent to N360 billion in January, up from N317 billion in the preceding month.
The data suggests that while institutional and foreign investors scaled back activity at the start of the year, individual investors increased their footprint in the market. Market analysts note that the January performance reflects typical post-year-end portfolio rebalancing trends, compounded by the absence of high-volume negotiated trades.
Despite the month-on-month decline, the year-on-year expansion underscores continued depth in Nigeria’s capital market and sustained domestic investor engagement.
