As we enter the final week of January 2026, the Nigerian investment landscape has moved from a state of “survival” to one of “Institutional Consolidation.” For the sophisticated investor, the numbers are no longer just trends, they are mandates for action.

With the Nigeria Tax Act 2025 now fully operational and the equity market crossing historic thresholds, here’s why you need to recalibrate your 2026 portfolio.

1. The N106 Trillion Milestone: The Equities Frontier

On January 26, 2026, the Nigerian Exchange (NGX) market capitalization settled at ₦105.98 trillion, a massive leap from the start of the year. This rally was partly as a result of investors portfolio rebalancing and strategic positioning ahead of FY’25 corporate earnings and dividend announcements.

• The Insight: Market depth is about to change with the possible listing of the Dangote Refinery (10% stake) in 2026. Discussions are already advanced for dollar-denominated dividends, offering a structural hedge against any potential currency volatility.
• Actionable Step: Shift from broad-market sentiment to a “Concentrated Alpha” strategy. Focus on Tier-1 banks that have met the new minimum capital requirements and industrial giants positioned for the 2026 IPO wave.
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2. Tax Alpha: Leveraging the ₦150 Million Threshold

The Nigeria Tax Act 2025 (effective Jan 1) has rewritten the rules. While corporate Capital Gains Tax (CGT) has technically increased to 30%, the Act introduces specific exemptions for individual investors that are often overlooked.

• The Insight: Gains from selling shares in Nigerian companies are exempt from CGT if your disposal proceeds are below ₦150 million or your chargeable gains are under ₦10 million in any 12 consecutive months.
• Actionable Step: Consider “fractionalized divestment.” By staggering the liquidation of large equity positions across the fiscal year, you can stay beneath the ₦150M threshold and effectively reduce your tax liability to zero on those gains.

3. The Inflation “Sweet Spot”: 15.15%

The National Bureau of Statistics (NBS) recently confirmed that headline inflation cooled to 15.15% in December 2025. This sharp decline (down from the 30% range in 2024) is partly due to improving macroeconomic fundamentals (stable exchange rate, lower PMS prices, etc).”

• The Insight: For the first time in nearly three years, real interest rates are turning positive. With the IMF and World Bank forecasting 4.4% GDP growth for Nigeria in 2026, the “fear trade” (holding idle USD) is becoming less attractive than high-yield Naira instruments.
• Actionable Step: Lock in yields on long-tenor Treasury Bills and FGN Bonds. With inflation at 15% and yields still significantly higher, the window to capture double-digit real returns is at its widest point in the Q1 cycle.

The Verdict

In a ₦106 trillion market with 4.4% projected growth, the greatest threat to wealth is no longer the “macro”, it is inertia. The tools for 2026 are specialized: tax-optimized divestment, dollarized dividends, and positive real-rate capture.

At Parthian Capital, we are moving our clients from a “protection” stance to “conviction-led” growth. The data is clear. Is your portfolio?

Are you holding a “2024 mindset” in a 2026 market? Let’s discuss the specific tax-shielding strategies for your portfolio in the comments. 👇