Nigerian Stock Market Loses ₦1.8 Trillion Amid Capital Gains Tax Anxiety

The Nigerian stock market, represented by the Nigerian Exchange (NGX), witnessed a significant decline of ₦1.8 trillion in market value over four days as investors reacted to concerns surrounding the potential implementation of Capital Gains Tax (CGT). The sell-off was driven by anxiety over the government's plan to enforce the CGT on share transactions, impacting market confidence and investor returns.

Foreign portfolio investors also contributed to the market pressure, influenced by global market uncertainties and the potential return of Donald Trump to the U.S. presidency. The market sentiment is expected to remain fragile in the short term until there is more clarity on the CGT policy.