Nigeria’s capital market is entering the second half of 2026 from a position of significantly stronger domestic participation, improved macroeconomic stability and renewed potential for international investor interest, according to market leaders and researchers at the Coronation Media Parley.
The event which took place in collaboration with the Capital Market Correspondents Association of Nigeria (CAMCAN), themed “Positioning for the Second Half: Market Outlook, Capital Flows and Investment Opportunities”, brought together capital-market journalists, industry leaders and
researchers to examine the forces behind the market’s strong first-half performance and the opportunities and risks that could shape the remainder of the year.
The NGX All-Share Index delivered a 57 per cent return by the end of July 2026, while total market capitalisation increased by ₦58.9 trillion to ₦158.3 trillion during the first seven months of the year.
Addressing journalists at the session, Aigbovbioise Aig-Imoukhuede, Managing Director, Coronation Asset Management, said the performance should be viewed within the broader structural changes
taking place in Nigeria’s capital market.
He noted that the market’s rally had been driven primarily by domestic capital rather than foreign portfolio flows, pointing to the growing role of domestic institutional and retail investors in supporting market performance.
“The rally we have witnessed is not merely a market event. It reflects a stronger domestic capital base, improving macroeconomic stability and a growing opportunity for long-term investors who position thoughtfully for the second half of the year,” Aig-Imoukhuede said.
He added that the changing composition of market participation was an important indicator of resilience, particularly as domestic investors increasingly provide the capital needed to sustain market activity.
According to the presentation, foreign investors accounted for 12.1 per cent of NGX transaction value as of June 2026, compared with 27.1 per cent a year earlier. While foreign portfolio holdings
increased modestly during the period, domestic participation expanded significantly, with pension funds and other institutional investors playing a greater role following changes to investment thresholds.
Aig-Imoukhuede said the development should not be interpreted as a retreat from international capital, but as evidence of a market developing a stronger domestic foundation.
“Markets become resilient when they are supported by savings rather than speculation,” he said.
The strong headline performance of the equities market also masks significant differences across sectors and companies, making selectivity increasingly important for investors in the second half of
the year.
