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This leaves institutional investors as major market drivers. Like in many other emerging markets, this group of investors is discerning and smart. In Nigeria, core investors could buy some dollar denominated debts at almost 20% yield in a structured manner. So the challenge for the equities market is that some institutional investors can get 20% return with their foreign exchange protected because there is no assurance that the exchange rate would not move against the investment. So if they can get 20% returns in dollar, they appear better off. That is the kind of analysis that core investors may want to make. The result of the fall in returns was flight of hedge funds. Some of the hedge funds and other foreign investors is that they generally have broad mandate to invest investors' money and Nigeria is one of the emerging markets where they may be interested in.
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