Nigeria Stock Market

The Nigerian Stock Exchange was established in 1960 and in 2007, the exchange has nearly 300 listed companies. Nigeria’s stock market has a market capitalization of approximately $65 billion. All listed companies are included in the Nigerian Stock Exchange All Shares Index.
Nigeria’s stock exchange has an automated trading system and performances of the listed companies is published on a regular basis -- daily, weekly, monthly as well as annually.

The Nigerian stock market has done very well from January to September 2007. In this nine month period, it has recorded a turnover of N1.5 trillion, which is a 220 percent increase compared to the entire turnover for the year 2006.

The trading days at the Nigerian Stock Exchange are Monday to Friday from 11.00 a.m. to 1.00 p.m. The Nigerian Stock Exchange charges at 3 percent commission on the traded value of the shares and an additional 1 percent to cover the Securities and Exchange Commission fee.

The government of Nigeria is keen on getting foreign investment into the country. This would explain by the government abolished a law which prevented the flow of foreign investment into the country. Now foreign brokers are allowed to enlist as dealers on the Nigerian Stock Exchange and foreign investors can invest in Nigeria with no restrictions.

The apex government body which regulates the capital market in Nigeria along with the Securities and Exchange Commission are in favor of setting up multiple exchange system. They believe that by doing this investors would be attracted to invest in cities other Laos which is the hub for capital market activities at the moment.