Business
Nigerian Stock Market Surges with 78% Transaction Growth
Nigerian Stock Market surge sees transactions jump 78% in February 2026, led by domestic investors and strong foreign inflows
Total transactions on the Nigerian Exchange Limited (NGX) surged by 78.93% to N1.54 trillion (approximately $1,131.27 million) in February 2026, up from N862 billion ($621.67 million) in January, according to a report released on Wednesday.
Also read: Nigerian Stock Market Inches Up Amid Selective Trading
Year-to-date February transactions also rose sharply by 115.4% to N2.404 trillion, compared with N1.116 trillion in the same period in 2025.
Domestic investors outperformed foreign participants, accounting for roughly 82% of total transaction value.
Institutional investors led retail investors by 22%, with institutional trades increasing 120.33% to N854.83 billion from N387.97 billion in January.
Retail transactions rose 52.42% to N548.50 billion over the same period.
Foreign portfolio inflows also strengthened, climbing 39.4% in February to N66.71 billion from N47.86 billion in February 2025.
However, foreign investment outflows increased by 9.1% to N72.32 billion from N66.28 billion in January.
On a year-to-date basis, foreign inflows expanded 162.1% to N114.57 billion compared with N43.71 billion in February 2025.
Tajudeen Olayinka, Investment Banker and Chartered Stockbroker, noted that the gains reflect growing stability in Nigeria’s foreign exchange market and continued accretion to foreign reserves.
He said the trends validate the forward-looking adjustment programme initiated by President Bola Ahmed Tinubu’s administration in 2023, which aimed to address structural macroeconomic imbalances.
“The rising foreign portfolio inflows are positive for the Nigerian economy and markets in the near term,” Olayinka added.
“However, outstanding structural issues must be addressed promptly to mitigate potential capital reversals from external shocks.”
Also read: NGX Extends Gains as Market Capitalisation Hits N113.5 Trillion
The February performance underscores the resilience of the Nigerian Stock Market surge, driven by domestic confidence and sustained foreign interest, marking a notable recovery in market activity.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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