Nigerian Market Loses N5.9 Trillion in Two Weeks

Between August 10 and August 21, 2026, the Nigerian equities market experienced a significant sell-off, resulting in a loss of N5.9 trillion in market value. The market capitalization dropped from N160.42 trillion to N154.53 trillion.

BUA Foods and MTN Nigeria were the most affected, losing N1.521 trillion and N1.386 trillion, respectively, which accounted for 49.3% of the total market loss. BUA Foods' market value decreased from N15.211 trillion to N13.690 trillion, a 10% decline, while MTN Nigeria's value fell from N17.741 trillion to N16.355 trillion, representing a 7.81% drop.

The market correction began on August 11, 2026, leading to a decline in the Index by 9,178.59 points, or 3.69%, to 239,351.16 points, marking the lowest level since July 8. The cumulative losses were attributed to profit-taking across major sectors over ten consecutive trading sessions, with 12 blue-chip stocks accounting for approximately 70.7% of the total market value loss.