LOCAL INVESTORS DRIVE 57% NGX SURGE, SAYS CORONATION BOSS

Nigeria’s equities market recorded a 57 per cent return in the first seven months of 2026, with domestic investors emerging as the major force behind the rally, according to the Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede.

Aig-Imoukhuede said the strong performance reflected increased local participation, improving economic conditions, and growing investor confidence in the Nigerian market.

As of July 31, the NGX All-Share Index had gained 57 per cent, while total market capitalisation increased by ₦58.9tn to ₦158.2tn.

He said domestic participation grew by 129.1 per cent, while foreign portfolio investors accounted for only 12.1 per cent of total NGX transaction value in June, down from 27 per cent a year earlier.

Pension funds and domestic retail investors were identified as key contributors to the market’s growth.

However, the Coronation chief cautioned that sustaining the rally would require stronger corporate fundamentals and broader investor participation.

He also pointed to foreign exchange stability, bank recapitalisation, and potential changes to Nigeria’s classification by global index providers as factors that could influence future foreign investment.