Nigerian stock market loses N3.2 trillion in August amid profit-taking

The Nigerian equities market has experienced a significant downturn in August 2026, driven by sustained profit-taking following a major rally in July. The Nigerian Exchange (NGX) All-Share Index has seen a continuous bearish streak, with market capitalization losing approximately N3.2 trillion since the start of the month.

Heavyweight stocks have been central to the decline. Major losses were recorded in Aradel Holdings Plc, BUA Foods Plc, Unilever Nigeria Plc, and Dangote Sugar Refinery Plc. Sectoral performance has been largely negative, particularly in the Oil & Gas, Insurance, and Consumer Goods sectors, though the Banking index has shown some resilience.

This market correction has directly impacted the wealth of Nigeria’s leading industrialists. Aliko Dangote and Abdulsamad Rabiu have seen their combined fortunes rise by approximately $9.53 billion year-to-date, supported by the strong performance of companies like Dangote Cement. However, a single day of market decline saw four Nigerian billionaires lose a combined $2.25 billion in estimated wealth as the benchmark index hit a six-week low.