Nigeria's Equities Market Rallies 57% Driven by Domestic Capital

Nigeria's equities market recorded a 57% return in the first seven months of 2026, predominantly fueled by domestic capital, as stated by Aigbovbioise Aig-Imoukhuede, Managing Director of Coronation Asset Management. During the H1 2026 Capital Market Review, Aig-Imoukhuede noted that the Nigerian Exchange (NGX) All-Share Index increased significantly, with total market capitalization rising by N58.9 trillion to N158.2 trillion.

He emphasized that the market's performance was a result of stronger domestic participation, improving macroeconomic conditions, and rising investor confidence, rather than a resurgence in foreign portfolio investment. By June 2026, foreign investors accounted for only 12.1% of total NGX transaction value, down from 27% the previous year.

Despite this decline, the value of foreign portfolios increased slightly from N1.13 trillion to N1.16 trillion. Aig-Imoukhuede attributed the shift to a significant 129.1% increase in domestic participation, highlighting the role of domestic institutional investors and pension funds in the rally.