FPIs Surges by 167.8% in Nigerian Stock Market, Reaching N118.92 Billion in February 2024

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Foreign portfolio investment (FPI) in Nigeria’s stock market experienced a remarkable surge of 167.8% year-on-year, reaching N118.92 billion in February 2024 compared to N44.52 billion in the same period of 2023.

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This significant increase was attributed to enhanced liquidity in the foreign exchange (FX) market, following reforms by the Central Bank of Nigeria (CBN). According to the Nigerian Exchange Limited (NGX) report for February 2024, FPI accounted for 11.78% of the total equities transaction, marking a 0.3 percentage point increase from the previous year.

Additionally, foreign investors’ stake rose by 23.9% month-on-month to N65.81 billion from N53.11 billion in January 2024. The contribution of foreign portfolio investors to the total equities transaction also rose to 18.39% from 8.15% between January and February 2024.

Year-to-date FPI inflow stood at N40.71 billion, representing 37.9% of the total foreign investors’ commitment, while outflow amounted to N78.21 billion, constituting 62.1% of the foreign portfolio investment.

Investment analysts anticipate that sustained stability in the foreign exchange market, coupled with efforts to clear outstanding remittances, will further encourage FPI inflow. They emphasize the importance of ensuring profitability, liquidity, and safety of investments to attract foreign investors.


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