Retail investors on the Nigerian Exchange (NGX) traded N2.33 trillion worth of equities between January and August 2025, compared to N3.13 trillion by institutional investors, the narrowest gap in nearly two decades.
This marks their strongest showing since 2008, when the market crash wiped out household wealth and investor confidence, leading to a long period of institutional dominance.
Data from the NGX covering 2007 to 2025 show that retail investors now account for nearly half of all domestic trades, up from years of marginal participation largely controlled by pension funds and other institutional players.