Nigerian Stock Market Extends 5-Year Streak With 38 Percent Gain in 2024

8 January 2025
Daba Finance (Abidjan)

TLDR

  • The Nigerian stock market, tracked by the All-Share Index, ended 2024 with a strong 37.65% gain
  • The index closed the year above 102,000 points, driven by resilience in Oil & Gas and Insurance sectors
  • Market capitalization reached N62.76 trillion ($41 billion) by year-end, up from N40.91 trillion in 2023, marking a N21.8 trillion increase

The Nigerian stock market, tracked by the All-Share Index, ended 2024 with a strong 37.65% gain, maintaining a bullish trajectory that began in 2020. The index closed the year above 102,000 points, driven by resilience in Oil & Gas and Insurance sectors, which surged 159% and 123%, respectively.

Market capitalization reached N62.76 trillion ($41 billion) by year-end, up from N40.91 trillion in 2023, marking a N21.8 trillion increase. January's 35% jump set the tone for the year, but volatility in subsequent months included a mid-year retracement. A late-year rally in the fourth quarter solidified gains, fueled by positive earnings and renewed buying interest.

Since 2020, the All-Share Index has consistently delivered strong fourth-quarter performances, underscoring investor confidence. Notable developments in 2024 included the launch of NGX Invest, a digital platform aimed at boosting retail participation, and plans for blockchain-based investment solutions, signaling potential growth in 2025.

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Key Takeaways

The Nigerian stock market's sustained recovery since 2020 highlights its resilience despite macroeconomic headwinds. The consistent year-end rallies reflect structural market strength and investor optimism. Oil & Gas and Insurance remain key growth sectors, benefiting from favorable policies and capital inflows. The launch of NGX Invest in July 2024 marks a significant step toward increasing retail investor engagement. Its potential to simplify access to Public Offerings and Rights Issues could deepen market participation. Plans for blockchain-enabled investment solutions further underscore a shift toward modernization in the capital markets. However, mid-year volatility in 2024 highlighted challenges such as sentiment shifts tied to recapitalization in the financial services sector. These underscore the importance of structural reforms and investor-friendly policies to sustain momentum.

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