International Journal of Management & Entrepreneurship Research, Volume 5, Issue 2, February 2023 Joseph & Victor, P.No. 85-98 Page 85 FOREIGN PORTFOLIO INVESTMENT FLOW (FPIF) AND NIGERIAN STOCK EXCHANGE (NSE) Okolie, Joseph O. 1 & Ehiedu, Victor C. 2 1,2 Department of Banking and Finance, Faculty of Management Sciences, Delta State University, Abraka, Nigeria ___________________________________________________________________________ Corresponding Author: Ehiedu, Victor C. Corresponding Author Email: ehieduvc@gmail.com Article Received: 10-01-23 Accepted: 24-01-23 Published: 05-02-23 Licensing Details: Author retains the right of this article. The article is distributed under the terms of the Creative Commons Attribution-Non Commercial 4.0 License (http://www.creativecommons.org/licences/by-nc/4.0/), which permits non-commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the Journal open access page. ___________________________________________________________________________ ABSTRACT This work scrutinized the association linking Foreign Portfolio Investment Flow (FPIF) and Nigerian Stock Exchange NSE) (1981-2022). To accomplish the primary goal, FPIF was represented by Equity Foreign Portfolio Investment (EFPI), Bond Foreign Portfolio Investment (BFPI), Money Market Instrument Foreign Portfolio Investment (MMIFPI), and Nigeria Stock Exchange represented by Total Market Capitalization (TMKTC). An ex-post facto research design was used for this investigation. Data for investigation was primarily secondary data; from NSE reports, CBN statistical Bulletins, World Development Indicators (WDI), and IMF World. After that, the unit root test determined stationarity, and then the Johansen co-integration test examined long run relationship among variables under study. It employed the E-VIEW 9.0 for analysis. The finding revealed that EFPI has positive insignificant effect on TMKTC while BFPI and MMIFPI have positive considerable consequence on TMKTC. Based on these findings, it recommended strong supervisory and regulatory structure to ensure strict compliance with various policies targeted at tracking and controlling indiscriminate capital transmission through EFPI. Keywords: Foreign Portfolio, Nigerian Stock Exchange, Investment Flow, Security Marketability, Liquidity Transformation. ___________________________________________________________________________ OPEN ACCESS International Journal of Management & Entrepreneurship Research P-ISSN: 2664-3588, E-ISSN: 2664-3596 Volume 5, Issue 2, P.No.85-98, February 2023 DOI:10.51594/ijmer.v5i2.441 Fair East Publishers Journal Homepage: www.fepbl.com/index.php/ijmer