Stocks Rally as Nigeria Eases Tax That Caused Market Plunge (1)

Nigerian stocks recorded their biggest rally in almost two years after authorities softened a capital gains tax policy that had spooked foreign investors and triggered a market selloff.

The 151-member NGX All-Share Index rose 2.9% at close of trading in Lagos, its biggest advance since January 2024. The rebound came after the benchmark had plunged 5% on Tuesday, the most in 15 years, as foreign investors sold shares ahead of a planned 30% capital gains tax set to take effect next year.

Taiwo Oyedele, chair of Nigeria’s tax reform committee, said in a post on X late Tuesday that the ...