Despite Massive Gains, Nigerian Exchange Not Among Top-performing Stock Markets in Africa

Despite Massive Gains, Nigerian Exchange Not Among Top-performing Stock Markets in Africa

  • The Nigerian Exchange is not among the top-performing stock markets in Africa
  • The best-performing stock markets on the continent are led by Malawi, Zambia, Namibia
  • The Nigerian Exchange has recorded impressive gains since Bola Tinubu became Nigeria's President

Despite the roaring and exceptional performance witnessed in recent months, mainly since Bola Tinubu emerged as Nigeria's President, the Nigerian Exchange is not ranked among Africa's six best-performing stock markets.

Traders on the Nigerian Exchange have leveraged the slightly renewed confidence and return of equity and portfolio investors to the Nigerian economy to make considerable gains in the last two months.

Stock brokers, Nigerian Exchange
Nigerian stock exchange not among the best in Africa Credit. NGX
Source: UGC

Top-performing stocks in Africa

However, the Nigerian Exchange has been outperformed by smaller markets on the continent, such as Malawi, Namibia, and Zambia, among others.

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These relatively minor markets have displayed great returns, grabbing the investing public's attention.

Below are the top-performing stock exchanges in Africa.

Malawi-67.6%: With a surge of 67.6% in US dollars, Malawi's stock market emerged as one of Africa's best-performing exchanges.

Namibia - 18.1%: The country's stock market has defied the odds and amassed an impressive 18.1% rise in US dollar returns. Known for its stable economic conditions, the country's stock market has become a top destination for investors seeking reliable investment.

Zambia - 15.5%: Zambia's stock market has shown persistent grit, with a robust 15.5% gain in US dollars.

BusinessInsider reports that with its vast copper resources, Zambia has attracted investors.

Seychelles and Uganda - 3.7%: Both countries have recorded an impressive 3.7% increase in US dollars. They have shown incredible resilience, inspiring trust, and confidence among investors.

Ghana - Up 3.0%: Amid high inflation and economic uncertainties, Ghana's stock market delivered a 3.0% gain. Supported by a diversified economy and investor-friendly climate, the West African country continues to attract investors.

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Tanzania and Cote d'Ivoire -1.78%: The two nations' stock exchanges have shown a modest increase at 1.78%.

These markets have exuded resilience amidst regional economic challenges, earning the utmost respect of the investment community.

Nigerian stock investors get richer since Tinubu’s presidency as 11 companies record over 100% returns reported that the Nigerian stock market is reacting positively to the ongoing economic reforms embarked upon by President Bola Tinubu since assuming office.

Data obtained from the Nigerian Exchange showed at least 11 Nigerian companies' stocks value have increased by more than 100% since the start of 2023. previously reported that in his inaugural speech, Tinubu ended the expensive fuel subsidy program while promising a house cleaning in the Central Bank of Nigeria (CBN).


Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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