Handful of companies control over 90% of Nigeria's stock market value
Updated
Updated · Business Insider Africa · May 5
Handful of companies control over 90% of Nigeria's stock market value
6 articles · Updated · Business Insider Africa · May 5
By end-April, large-cap stocks were worth about $104 billion of Nigeria’s roughly $114 billion market, with MTN Nigeria, BUA Foods and Dangote Cement among key drivers.
Telecoms, banking, energy and industrial shares have led the rally as investors seek resilient, liquid stocks amid inflation, naira volatility and economic reforms.
The concentration has helped push equities to record highs, but analysts warn limited interest in smaller companies leaves the market shallow and more exposed to sentiment or sector shocks.
As Nigerian stocks soar, will the rally lift millions out of poverty or only widen the country's wealth gap?
Nigeria's market relies on a few giants. Is this a solid foundation for sustainable growth or a house of cards?