Trading on the floor of the Nigerian Exchange Limited (NGX) sustained a rising profile in May, with total transactions increasing to N1.94 trillion, driven largely by increased participation from domestic investors.

The latest NGX’s Domestic and Foreign Portfolio Participation Report showed that total transactions increased by 7.79 per cent to N1.94 trillion during the period from N1.8 trillion recorded in April 2026.

The market recorded a 177.42 per cent year-on-year growth.

The report revealed that domestic investors remained the dominant force in the market, accounting for about 91 per cent of total transactions. The figure rose by 13.2 per cent to N1.8 trillion from N1.6 trillion in April.

In contrast, foreign investors reduced their market activities during the period as foreign transactions declined by 25.9 per cent to N183.6 billion in May from N247.7 billion recorded in April.

A breakdown of domestic transactions showed that institutional investors continued to outpace retail investors. Institutional trades increased by 18.6 per cent to N1 trillion in May from N871.4 billion in April, while retail transactions rose by 6.22 per cent to N726.3 billion from N683.7 billion.

The figures indicate that institutional investors accounted for about 59 per cent of domestic transactions in May, compared with 41 per cent for retail investors, representing an 18 percentage-point lead.

The NGX also highlighted the long-term growth in market participation over the last two decades. Domestic transactions rose by 160.83 per cent from N3.6 trillion in 2007 to N9.27 trillion in 2025. Foreign transactions grew even faster, increasing by 329.9 per cent from N615.6 billion in 2007 to N2.7 trillion in 2025.

Overall, domestic investors accounted for about 78 per cent of total market transactions in 2025, while foreign investors contributed 22 per cent.

For the first five months of 2026, domestic investors have maintained overwhelming dominance in the market. Cumulative domestic transactions stood at N6.92 trillion as of May 31, representing 87.67 per cent of total market turnover, while foreign transactions amounted to N973.4 billion, accounting for 12.33 per cent of overall market activity.

The latest figures underscore the growing influence of local investors in driving liquidity and market performance, even as foreign participation remains below historical levels.