Retail Investors Drive Nigeria’s Stock Market to Seven-Year High
Atume Terfa
Nigeria’s stock market is riding a wave of renewed optimism as retail investors open more trading accounts than at any point in the past seven years, signalling a major resurgence in confidence among local traders.
From 2019 through November 18, 2025, over 2.124 million new retail investment accounts were registered, according to BusinessDay. While 2019 began with 194,097 new accounts, the number dropped sharply in 2020 before surging again in subsequent years, reflecting a dynamic rebound in investor interest.
The spike in retail participation echoes global trends. In the United States, retail investors boosted net stock purchases to $10.08 billion in July 2025, according to S&P Global, demonstrating a growing appetite for equities among individual investors worldwide.
Data from Vanda Research and Nasdaq show that retail capital flows are hitting record levels, with $155.3 billion in net inflows during the first half of 2025. Unlike ETFs, most of this activity targets individual stocks, as retail traders increasingly embrace “buy-the-dip” strategies to capitalise on market swings.
Analysts caution, however, that the surge in retail money could heighten volatility, particularly for inexperienced investors navigating rapidly shifting markets.
For now, though, the trend is unmistakable: retail investors are back with a vengeance, reshaping market dynamics and playing a pivotal role in Nigeria’s stock market resurgence.
