Egypt, Nigeria, and Ghana have emerged as attractive markets for investors, each recording over 100% cumulative returns since 2014.
The eight major African stock markets tracked include Côte d’Ivoire, Nigeria, Egypt, South Africa, Morocco, Kenya, Ghana, and Botswana. Tracked over the past decade, Egypt led with a 351% return on investment, followed by Nigeria at 147% and Ghana at 121%.
Other markets also showed positive returns: Côte d’Ivoire (+28.11%), Egypt (+22.63%), South Africa (+9.85%), Morocco (+21.76%), Kenya (+31.73%), Ghana (+53.65%), and Botswana (+12.54%).
Temi Popoola, CEO of the Nigerian Exchange Group, said, “Nigeria’s capital market has consistently stood out as a hub of resilience and innovation, offering compelling opportunities for investors.”
He observed the strong performance of blue-chip companies even during challenging economic times.
Popoola added that high inflation has made equities a preferred hedge, causing share prices to adjust in line with inflation. He said new listings have also stimulated market activity, appealing to international investors due to macroeconomic reforms.
In 2025, he expects stable macroeconomic conditions and ongoing reforms to maintain market momentum. The Nigerian equities market has maintained strong momentum, driven by investor interest in the insurance, consumer goods, and banking sectors.
As of December 20, Nigeria’s stock market had risen by 35.25% year-to-date (YTD). The NGX All-Share Index reached 101,129.09 points, with market capitalization hitting ₦61.30 trillion.
Despite expectations of a bearish market, strong demand for equities has persisted, reflecting sustained investor confidence in the Nigerian economy.
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