Foreign investors maintained a cautious approach to Nigeria’s equity market in November 2025, as total foreign equity transactions on the Nigerian Exchange Limited remained below N200bn for the second consecutive month. This subdued participation reinforces concerns over macroeconomic and currency-related issues.
According to the NGX Domestic and Foreign Portfolio Investment report, foreign equity trades declined by 13.17 percent month-on-month to N162.04bn in November 2025, compared to N186.62bn in October 2025. In dollar terms, foreign equity transactions dropped from approximately $131.27m in October to about $112.00m in November, due to reduced trading volumes and exchange-rate movements at the Nigerian Autonomous Foreign Exchange Market.
Total market transactions on the NGX also declined during the review period, with aggregate equity trades falling by 5.95 percent to N971.18bn in November 2025, down from N1.03tn in October 2025. However, when compared to November 2024, total transactions in November 2025 represented a 119.56 percent increase, highlighting a broader recovery in trading volumes over the past year.
Domestic investors continued to dominate the market, accounting for 83.32 percent of total equity trades, while foreign investors accounted for 16.68 percent. Domestic transactions stood at N809.14bn in November, representing a marginal 4.35 percent decline from the N845.96bn recorded in October 2025. Institutional investors increased their participation by 3.30 percent, with transactions rising to N531.21bn in November, outperforming retail investors by 32 percent.
On a year-to-date basis, total equity transactions on the NGX stood at N10.54tn as of November 2025, more than double the N4.91tn recorded in the corresponding period of 2024. Domestic investors accounted for N8.35tn, representing 79.23 percent of total transactions, while foreign investors contributed N2.19tn, or 20.77 percent.
The sustained weakness in foreign equity trades is attributed to global risk aversion, portfolio rebalancing by offshore funds, and concerns around currency stability and capital repatriation. However, the strong presence of domestic institutional investors continues to provide a stabilizing anchor for the market. As the year approaches its close, attention will focus on whether improving macroeconomic conditions and policy clarity can revive foreign investor interest, or whether domestic capital will continue to underpin activity on the NGX in the near term.