By George Omagbemi
Foreign investors have pulled a net ₦266.07 billion from Nigeria’s equities market by July 2026, marking a dramatic deterioration in foreign portfolio investment compared with the corresponding period three years earlier.
Latest data from the Nigerian Exchange (NGX), reported on September 8, show that net foreign outflows increased from ₦22.68 billion in the first seven months of 2023 to ₦266.07 billion by July 2026—an increase of more than 1,073 per cent.
The situation worsened sharply in 2026. Between January and July, foreign investors brought ₦513.36 billion into the Nigerian equities market but withdrew ₦779.43 billion, leaving a net outflow of ₦266.07 billion.
The latest figures come despite a strong expansion in overall trading on the NGX. Total transactions reached approximately ₦11.98 trillion during the first seven months of 2026, almost twice the ₦6.01 trillion recorded during the same period in 2025. However, domestic investors accounted for the overwhelming majority of the activity.
Foreign participation fell to just 5.6 per cent of total NGX transactions in July, its lowest level this year, while domestic investors accounted for 94.4 per cent.
Analysts have linked the foreign retreat to profit-taking, currency considerations, attractive domestic fixed-income yields and growing caution ahead of Nigeria’s 2027 elections.
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