With 45.9% Gains, Nigeria’s Stock Market Performed Better than Russia’s in 2023 – Report

The Nigerian stock market has emerged as one of the world’s best performing stock markets in 2023, with the All Share Index up by 45.9% year-on-year.

According to a report by Statisense, the country’s capital market therefore did better than that of Russia, Greece and many other countries in 2023.

Nigeria with 45.9% came eighth out of 15 best performing stock markets globally, after Zimbabwe (955.7%) Argentina, (360.1%) Venezuela, (176.1%), Egypt, (69.14%), Pakistan, (54.5%), Cyprus, (51.9%) and Laos, (50.49%).

The countries that performed below Nigeria include Russia, (43.87%), Lebanon, (41.48%), Greece, (39.08%), Poland, (36.54%), Turkey, (35.6%), Romania (31.8%) and Hungary (38.42%).

Country by Country Percentage Performance (Full Ranking)

1 Zimbabwe [ZSI]: 955.7%
2 Argentina [Mervin]: 360.1%
3 Venezuela [IBC]: 176.1%
4 Egypt [EGX]: 69.14%
5 Pakistan [KSE]: 54.5%
6 Cyprus [CSE]: 51.9%
7 Laos [LSX]: 50.49%
8 Nigeria [NSE]: 45.9%
9 Russia [MOEX]: 43.87%
10 Lebanon [Blom]: 41.48%
11 Greece [Athens]: 39.08%
12 Hungary [BUX]: 38.42%
13 Poland [WIG]: 36.54%
14 Turkey [BIST]: 35.6%
15 Romania [BET]: 31.8%

Experts believe this is a significant achievement for the Nigerian economy, which has faced a number of challenges in recent years.

Analysts equally said that the stock market’s performance is a testament to the resilience of the economy and Nigerians themselves.

Other experts however believe that President Bola Tinubu’s shuttle diplomacy across the world which has reinforced investors’ confidence in the economy has also helped to strengthen the capital market.