December 31, 2025/CSL Update

Foreign Portfolio Investment (FPI) activity on the Nigerian Exchange (NGX) declined by 13.1% to ₦162.04 billion (US$112.00 million) in November 2025, down from ₦186.62 billion (US$131.27 million) in October, marking the second consecutive monthly decline. Domestic investor activity also eased, falling by 4.4% to ₦809.14 billion from ₦845.95 billion in the previous month. Despite the moderation in activity, domestic investors increased their share of total transactions to 86.32%, up from 81.93% in October, underscoring their continued dominance of market activity. In contrast, FPI transactions accounted for 18.07% of total turnover. Overall market turnover declined marginally by 5.95% to ₦971.2 billion in November from ₦1.03 trillion in October.

Foreign portfolio inflows declined sharply to ₦62.69 billion in November, down from ₦87.45 billion in October, while outflows edged up slightly to ₦99.35 billion from ₦99.17 billion. Consequently, the market recorded a net foreign outflow for the second consecutive month. On the domestic front, institutional transactions rose to ₦531.21 billion in November from ₦514.25 billion in October, comprising ₦265.14 billion (49.9%) in inflows and ₦266.07 billion (50.1%) in outflows. In contrast, retail activity declined to ₦277.93 billion from ₦331.71 billion in the previous month, although inflows of ₦157.58 billion continued to exceed outflows of ₦120.35 billion.

January to November 2025, total market transactions reached ₦10.54 trillion, more than double the ₦4.91 trillion recorded in the same period of 2024. Domestic investors remained dominant, accounting for ₦6.70 trillion (79.23%) of transactions, though this was slightly lower than the 84.02% recorded a year earlier. Over the same period, foreign participation increased to 20.77% (₦2.19 trillion) from 15.98% (₦785.28 billion) in 2024.

Market performance in 2025 has been resilient, supported by strong corporate earnings, improving macroeconomic conditions, moderating fixed-income yields, and supportive policy measures across key sectors. These factors have reinforced investor confidence and sustained positive momentum in the equities market. With yields expected to trend lower in 2026 and foreign investor participation gradually recovering, equities are likely to remain an attractive asset class in the year ahead.

Click here to download full report:​ ​​​​​​CSL Nigeria Daily – 31 December 2025 – Equities.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​