Foreign investors maintained a cautious stance toward Nigeria’s equity market in November 2025, with total foreign equity transactions on the Nigerian Exchange Limited (NGX) staying below N200 billion for the second consecutive month. This subdued participation underscores lingering concerns about macro‑economic and currency‑related issues. According to the NGX Domestic and Foreign Portfolio Investment report, foreign equity trades fell 13.17 percent month‑on‑month to N162.04 billion in November, down from N186.62 billion in October. In dollar terms, the value of foreign equity transactions dropped from roughly $131.27 million in October to about $112.00 million in November, reflecting reduced trading volumes and exchange‑rate movements at the Nigerian Autonomous Foreign Exchange Market.
Overall market activity on the NGX also declined during the review period. Aggregate equity trades fell 5.95 percent to N971.18 billion in November, compared with N1.03 trillion in October. Nevertheless, when measured against November 2024, total transactions in November 2025 represented a 119.56 percent increase, indicating a broader recovery in trading volumes over the past year. Domestic investors continued to dominate, accounting for 83.32 percent of total equity trades, while foreign investors contributed 16.68 percent. Domestic transactions amounted to N809.14 billion in November, a modest 4.35 percent decline from the N845.96 billion recorded in October.
Institutional investors boosted their participation by 3.30 percent, with transactions rising to N531.21 billion in November, outpacing retail investors by 32 percent. On a year‑to‑date basis, total equity transactions on the NGX reached N10.54 trillion as of November 2025, more than double the N4.91 trillion recorded for the same period in 2024. Domestic investors accounted for N8.35 trillion (79.23 percent of total), while foreign investors contributed N2.19 trillion (20.77 percent).
The persistent weakness in foreign equity trades is attributed to global risk aversion, portfolio rebalancing by offshore funds, and concerns over 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 draws to a close, attention will focus on whether improving macro‑economic conditions and clearer policy guidance can revive foreign investor interest, or whether domestic capital will remain the primary driver of activity on the NGX in the near term.
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