Economy
Nigerian Stocks Present Buying Opportunities as Market Sheds N2.8trn
Nigeria’s equities market closed the week ending November 7 with a N2.8 trillion decline in market capitalization, but market analysts are optimistic, characterizing the downturn as a healthy correction that presents attractive entry points for long-term investors seeking value.
The pullback followed recent remarks from US President Donald Trump threatening military action against Nigeria, which prompted some cautious repositioning, alongside natural profit-taking following previous rallies. This drove declines across several blue-chip counters.
However, experts remain bullish on the market’s prospects. Aruna Kebira, Managing Director/CEO of Globalview Capital Limited, described the downturn as temporary, noting that strong fundamentals underpin the market. “The current downturn is temporary as fundamentals remain strong,” he said. “Valuations are now even more attractive and should soon draw renewed buying interest.”
Data from NGX showed the All-Share Index (ASI) declined 2.11% week-on-week to close at 149,524.83 points, while market capitalisation dropped to N94.9 trillion from N97.7 trillion the previous week.
Despite the weekly decline, the broader market picture remains positive. In the nine months to September 2025, total equities transactions on NGX reached N8.538 trillion, with domestic investors accounting for 78.44% of trading activity. Significantly, foreign inflows of N1.030 trillion exceeded outflows of N810.39 billion, demonstrating continued international confidence in Nigerian equities.
Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited (NGX), views the correction as an opportunity for strategic portfolio positioning. “A well-diversified portfolio across equities, fixed income, and alternative assets helps investors manage risk and capture opportunities as the market recalibrates,” he said.
Market watchers note that while uncertainty surrounding the planned 25% capital gains tax set to take effect in 2026 may have amplified the correction, Nigeria’s corporate fundamentals remain robust. Listed firms continue to sustain profitability and dividend payouts across key sectors, signaling underlying strength.
Analysts encourage investors to view the pullback as a strategic repositioning phase rather than a prolonged downturn, emphasizing that disciplined investors can capitalize on improved valuations to build long-term wealth.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
