The Nigerian equities market experienced its worst monthly performance in recorded history, shedding a staggering N6.54 trillion in market capitalization in November 2025.
This represents the steepest loss ever recorded since January 2013, when the NGX first crossed the N10 trillion mark, according to a Nairalytics analysis of market capitalization trends.
The sharp selloff was largely driven by intensified profit-taking triggered by mounting investor apprehension over the impending implementation of a 30% Capital Gains Tax (CGT) expected to commence on January 1, 2026.
While November marked a historic loss, the equities market is still ahead by N28.5 trillion in market capitalization gains year-to-date.
By the end of November 2025, the Nigerian Exchange (NGX) closed with a total market capitalization of N91.29 trillion, sharply down from the N97.83 trillion recorded at the end of October.
Nairalytics analysis dating back to 2000 shows the largest monthly loss recorded per NGX Market Capitalization was in April 2024, when the market shed N3.5 trillion.
We had also seen losses of N2.57 trillion and N2.55 trillion in October 2022 and March 2020, respectively, but nothing close to the N6.5 trillion lost in November.
Market analysts attribute November’s historic rout to widespread sell-offs prompted by the anticipated 30% CGT.
The heightened uncertainty led to a sharp decline in confidence, particularly among institutional investors.
Following the crash, a tentative rebound emerged after the Finance Minister, Wale Edun, visited the Nigerian Exchange during the listing of the N1 trillion MOFI Funds.
While the market posted gains in three out of five sessions in the final trading week, it still lost N128 billion on average weekly.
November’s rout was broad-based, with all major indices recording negative returns, highlighting investor panic.
Performance across the broad market also mirrored this decline:
Despite November’s bruising losses, the NGX remains in positive territory for the year.
As of November 28, 2025, the equities market has gained N28.57 trillion year-to-date, representing a 45.45% increase from the N62.76 trillion capitalization recorded at the start of the year.
The ASI has similarly posted a robust 39.44% return year-to-date, gaining 40,594.13 basis points from its December 2024 close of 102,926.40 points.
The ASI has similarly posted a robust 39.44% return year-to-date, gaining 40,594.13 basis points from its December 2024 close of 102,926.40 points.
However, the heavy November losses have tempered earlier optimism and raised fresh concerns about year-end performance.
With the Capital Gains Tax implementation looming, investors may continue to adopt a cautious posture, potentially extending the bearish sentiment into December.