October 30, 2025/CSL Report
Foreign Portfolio Investment (FPI) activity on the Nigerian Exchange (NGX) continued its upward trend in September 2025, surging by 125.6% to ₦387.62 billion (US$262.73 million) from ₦171.81 billion (US$112.18 million) in August. This marks the fifth consecutive month of growth, with FPI transactions accounting for 23.91% of total market turnover, which rose to ₦1.62 trillion (US$1.10 billion). Domestic investor activity also strengthened, increasing by 67.5% to ₦1.23 trillion (US$825.11 million) from ₦736.57 billion (US$480.93 million) in August. Domestic trades represented 76.09% of total transactions, slightly lower than 81.09% in the previous month.
Foreign portfolio inflows rose sharply to ₦325.46 billion in September (August: ₦95.14 billion), while outflows eased to ₦62.16 billion (August: ₦76.67 billion), maintaining a net positive balance for the second consecutive month. On the domestic front, institutional transactions surged to ₦955.26 billion, up from ₦392.90 billion in August, comprising ₦350.13 billion (36.7%) in inflows and ₦605.13 billion (63.3%) in outflows. Retail activity totalled ₦278.57 billion, compared to ₦343.67 billion in August, showing a slight bias toward outflows (₦145.01 billion) over inflows (₦133.56 billion). Year-to-date, total market transactions have reached ₦8.54 trillion, more than double the ₦3.97 trillion recorded in the same period of 2024. Domestic investors continue to dominate with ₦6.70 trillion (78.44%), down slightly from 82.44% a year earlier, while foreign participation has expanded to 21.56% (₦1.84 trillion) from 17.56% (₦696.88 billion) in 2024.
Market performance in 2025 has remained resilient, supported by strong corporate earnings, improving macroeconomic indicators, moderating fixed-income yields, and supportive policy actions across key sectors. These factors have bolstered investor confidence and sustained positive momentum in the equities market. With yields gradually trending lower and foreign investor participation gradually recovering, equities are expected to remain an attractive asset class through year-end. The NGX All-Share Index is projected to close near the bull-case target of +52.91% year-on-year, reaching approximately 157,385.99 points.
Click here to download full report: CSL Nigeria Daily – 30 October 2025 – Equities.pdf
