Nigeria’s stock market roared back after a record crash, gaining trillions as government assurances calmed investor fears over taxes.
The Nigerian Exchange (NGX) rebounded sharply on November 12, 2025, adding N2.6 trillion in market value after authorities promised to review the Capital Gains Tax (CGT) on securities.
Finance Minister Wale Edun said the government would take a “cautious and consultative” approach, easing fears of a January 2026 tax hit. The All-Share Index (ASI) jumped 2.89% to 145,405.39 points, while market capitalization climbed to N93.45 trillion.
Banking stocks led the rally, soaring 7.51%, with GTCO, Zenith Bank, Access Holdings, and ETI each rising 10%. Consumer goods and oil and gas sectors also advanced, driven by gains in Nigerian Breweries, PZ Cussons, Dangote Sugar, and Oando.
Analysts said the surge reflected renewed investor confidence, strong corporate earnings, and improving market sentiment. They expect continued momentum if fiscal policies remain stable.
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