The Nigerian stock market has lost more than N13 trillion in market value since reaching an all-time high in May. The NGX All-Share Index has retreated by more than 24,000 points from its peak of 252,508, triggering fears that one of Africa's strongest equity rallies may be coming to an end. The headlines suggest a crisis. The data suggests something more nuanced.
Only a few months ago, Nigerian equities appeared unstoppable. Banking stocks were reaching new highs almost weekly, industrial counters continued to rally, and investors who remai
