By David Akinmola
Investors on the Nigerian Exchange Limited (NGX) collectively lost an estimated N6.5 trillion in market value in November 2025 — the largest single-month wipeout in the history of Nigeria’s capital market.
Market capitalisation plunged from roughly N97.83 trillion at the end of October to about N91.29 trillion by the close of trading on November 28, while the All-Share Index (ASI) tumbled by 6.88 per cent, ending the month at 143,520.53 points.
Analysts attribute the steep decline to a wave of profit-taking amid investor anxiety over impending policy shifts, notably the scheduled implementation of a 30 per cent Capital Gains Tax in January 2026.
Combined with macroeconomic headwinds including interest-rate stagnation, foreign-exchange pressures and global market jitters sentiment soured sharply across both blue-chip and mid-cap equities.
The sell-off spared few sectors. Industrial goods, oil and gas, banking, consumer goods and insurance stocks all ended the month in the red as investors scrambled to lock in gains.
Market watchers warned that with foreign investors rotating out and domestic risk appetite sagging, the recovery may depend heavily on clear policy signals, improved macroeconomic stability, and a favourable interest-rate and currency outlook ahead of the new year.
