Nigeria's equity markets have erased N9.18 trillion in value over a 19-day period, driven by a wave of selling as investors seek to shield capital ahead of the country's upcoming general election.
The rapid erosion of market capitalization reflects a broader risk-off sentiment among local and foreign participants who are prioritizing liquidity over exposure to potential political volatility.
Analysts attribute the steep decline to a combination of election-related anxiety and routine profit-taking.
Capital market operators are reportedly liquidating positions to safeguard against uncertainties surrounding the electoral outcome.
This defensive posture has intensified selling pressure, particularly in large-cap stocks that had seen gains in prior quarters.
The sell-off underscores the sensitivity of emerging market equities to domestic political cycles.