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10 Best Shares to Buy in Nigeria

The Best 10 Shares To Buy in Nigeria revealed. We tested and verified the best shares to buy for Nigerian Traders.

This is a complete list of shares to buy in Nigeria.

In this in-depth guide you’ll learn:

  • What are shares?
  • What are the basics of share trading? 
  • The advantages of buying shares for Nigerians.
  • When are the best time to buy shares?
  • Which stocks has the highest paying dividends?
  • Which stocks are undervalued in Nigeria?
  • What are the top 10 tested and verified shares to buy in Nigeria? 
  • Who the best Nigerian Share brokers are in 2023? 


And lots more…

So if you’re ready to go “all in” with the best shares to buy for  Nigerians…

Let’s dive right in…

Updated : May 19, 2022

👉 Definition of shares: A share is a percentage of ownership in a company or a financial asset. Investors who hold shares of any company are known as shareholders.

Best Shares to Buy in Nigeria – Comparison

🥇 Share⏰ Status💵 Current Live Price🔁 1 Year Change🔄 YTD Change🗓 52-Week Range👉 Open Account
➡️ Wema Bank PlcActive2.60 NGN+370%+279%₦0.55 to ₦2.76👉 Open Account
➡️ Academy Press PlcActive1.77 NGN+330%+254%₦0.32 to ₦2.00👉 Open Account
➡️ Scoa Nigeria PlcActive2.15 NGN+129%₦0.87 to ₦2.83👉 Open Account
➡️ Guinness Nigeria PlcActive71 NGN+110%+82.6%₦24.10 to ₦74.00👉 Open Account
➡️ PZ Cussons Nigeria PlcActive10.55 NGN+111%+73%₦4.15 to ₦11.20👉 Open Account
➡️ Learn Africa PlcActive1.88 NGN+79.8%+67.5%₦0.92 to ₦2.66👉 Open Account
➡️ Presco PlcActive133 NGN+84.7%+51.5%₦68.00 to ₦133👉 Open Account
➡️ Courteville Business Solutions PlcActive0.53 NGN+143.4%+47.4%₦0.20 to ₦0.61👉 Open Account
➡️ NPF Microfinance Bank PlcActive2.49 NGN+27.6%+46.5%₦1.60 to ₦2.57👉 Open Account

1. Wema Bank Plc (WEMABANK)

Wema Bank Plc

🥇 Status: Active

👉 Wema Bank Plc is a Nigerian financial organization that offers a range of banking services to individuals, small businesses, and large corporations.


👉 In addition to transactional and savings accounts, savings accounts, loans, overdrafts, revolving credit, and several other services. Trade services include bill collection, shipping document management, and others.


👉 Small and medium-sized businesses, foreign exchange, cash management, retail management, and integrated revenue services are all supported by additional goods and services.


👉 To date, Wema has gained 279% on its initial share price of 0.72 NGN at the beginning of the year, making it the top performer on the NGX in terms of year-to-date performance.


👉 WEMABANK’s stock price has risen by an impressive 187% in the last four weeks alone, making it the greatest performer on the NGX.


➡️ Current Live Price2.60 NGN
➡️ 1 Year Change+370%
➡️ YTD Change+279%
➡️ 52-Week Range₦0.55 to ₦2.76
➡️ 1-Year Liquidity₦1.2 Billion
➡️ Market Capitalization₦105.3 Billion
➡️ # Shares Traded3.5 million
➡️ Gross Turnover₦1.13 Million

2. Academy Press Plc (ACADEMY)

Academy Press Plc

🥇 Status: Active

👉 Company annual reports, books, periodicals, and marketing materials may all be printed at Academy Press Plc in Nigeria.


👉 There are two major subsidiaries of the company namely Academy Press Specialised Print Services (which prints documents with high-security risks such as tickets, vouchers, letterheads, invoices, and continuous forms for computer use), as well as West African Book Publishers (WABP), which prints high-end publications for the discerning reader.


👉 There are offices in Lagos, Nigeria; Abuja, Nigeria; and Ghana’s capital, Accra.


➡️ Current Live Price1.77 NGN
➡️ 1 Year Change+330%
➡️ YTD Change+254%
➡️ 52-Week Range₦0.32 to ₦2.00
➡️ 1-Year Liquidity₦32.1 Million
➡️ Market Capitalization₦1.1 Billion
➡️ # Shares Traded8,000
➡️ Gross Turnover

3. Scoa Nigeria Plc (SCOA)

Scoa Nigeria Plc

🥇 Status: Active

👉 The corporation was established in Lagos, Nigeria in 1926 and has its headquarters there. SCA International S.A. owns SCOA Nigeria Plc, which is a subsidiary of SCOA Nigeria Plc.


👉 Scoa Nigeria PLC is a Nigerian firm that distributes, maintains, and leases motor cars; assembles, sells, and services power generators; and sells, services, and repairs a range of equipment.


➡️ Current Live Price2.15 NGN
➡️ 1 Year Change
➡️ YTD Change+129%
➡️ 52-Week Range₦0.87 to ₦2.83
➡️ 1-Year Liquidity₦19.6 Million
➡️ Market Capitalization₦1.5 Billion
➡️ # Shares Traded645
➡️ Gross Turnover₦215,000

4. Guinness Nigeria Plc (GUINNESS)

Guinness Nigeria Plc

🥇 Status: Active

👉 This brewery packages and sells a wide range of beers, including Guinness Extra Stout and Smooth, Guinness Malta and Gordon’s Spark as well as Harp Lager.


👉 Smirnoff Ice, Armstrong Dark Ale, Satzenbrau Pilsner, Top Malt, Harp Lime, Dubic Extra Lager, and Malta Guinness Low Sugar are among the other brands. Guinness is the second-largest beverage brand in Nigeria, behind Coca-Cola.


👉 It started the year with a share price of 39.00 NGN and has since risen 82.6%, placing it seventh on the NGX in terms of year-to-date performance. A 10% gain over the last four weeks ranks GUINNESS 14th best on NGX, which is encouraging for investors.


➡️ Current Live Price71 NGN
➡️ 1 Year Change+110%
➡️ YTD Change+82.6%
➡️ 52-Week Range₦24.10 to ₦74.00
➡️ 1-Year Liquidity₦6.2 Billion
➡️ Market Capitalization₦156 Billion
➡️ # Shares Traded427,000
➡️ Gross Turnover₦16.5 Million

5. PZ Cussons Nigeria Plc (PZ)

PZ Cussons Nigeria Plc

🥇 Status: Active

👉 It is a publicly-traded Nigerian producer and distributor of consumer items such as detergents, toiletries, soaps, and appliances. PZ Cussons Holdings, located in Manchester, holds most of the company’s stock via this subsidiary.


👉 PZ Cussons Nigeria Plc started the year with a share price of 6.10 NGN and has since increased 73%, placing it in sixth place on the NGX for year-to-date performance. PZ stockholders have reason to be bullish, as the stock has risen by 47% in the last four weeks alone, ranking second on NGX.


➡️ Current Live Price10.55 NGN
➡️ 1 Year Change+111%
➡️ YTD Change+73%
➡️ 52-Week Range₦4.15 to ₦11.20
➡️ 1-Year Liquidity₦1.3 Billion
➡️ Market Capitalization₦41.9 Billion
➡️ # Shares Traded975,500
➡️ Gross Turnover₦446,386

6. Learn Africa Plc (LEARNAFRCA)

Learn Africa Plc

🥇 Status: Active

👉 Learn Africa Plc publishes and distributes instructional resources at all levels of education, from pre-school to university. The company is involved in the book-publishing industry. It sells a wide range of reading materials, including academic, business, and leisure.


👉 At the time of writing, Learn Africa’s share price is trading at 1.88 NGN, up 67.5% from its year-to-date share price valuation, placing it eighth on the NGX.


➡️ Current Live Price1.88 NGN
➡️ 1 Year Change+79.8%
➡️ YTD Change+67.5%
➡️ 52-Week Range₦0.92 to ₦2.66
➡️ 1-Year Liquidity₦124.3 Million
➡️ Market Capitalization₦1.5 Billion
➡️ # Shares Traded39,000
➡️ Gross Turnover₦626,400

7. Presco Plc (PRESCO)

Presco Plc

🥇 Status: Active

👉 In the agro-industrial sector in Nigeria, Presco Plc is a key player. Among the many activities of the company is the establishment of oil palm plantations, the milling and processing of palm oil, as well as the refinement of vegetable oil.


👉 Extraction, refinement, and fractionation of crude palm oil into vegetable oil and palm stearic are the company’s primary areas of speciality. After starting the year at 87.80 NGN, Presco’s share price is now 51.5% higher, making it the eighth-best performer on the NGX so far this year.


👉 PRESCO’s stock has gained 30% in the last four weeks alone, making it the third-best performer on the NGX.


➡️ Current Live Price133 NGN
➡️ 1 Year Change+84.7%
➡️ YTD Change+51.5%
➡️ 52-Week Range₦68.00 to ₦133
➡️ 1-Year Liquidity₦10.1 Billion
➡️ Market Capitalization₦133 Billion
➡️ # Shares Traded1.1 Million
➡️ Gross Turnover₦32.8 Million

8. Courteville Business Solutions Plc (COURTVILLE)

Courteville Business Solutions Plc

🥇 Status: Active

👉 Nigerian e-business solutions development firm Courteville Business Solutions Plc was founded in 2005. It offers financial management and counselling services, business solutions, e-commerce, and internet marketing services.


👉 E-business solutions from Courteville range from bespoke software and mobile apps to data capture, retail channel distribution, dedicated and cloud hosting, and tax administration consulting services, among other services.


👉 Shares of Courteville Business Solutions started the year at 0.38 NGN and have since risen 47.4%, placing it seventh on the NGX in terms of year-to-date performance.


➡️ Current Live Price0.53 NGN
➡️ 1 Year Change+143.4%
➡️ YTD Change+47.4%
➡️ 52-Week Range₦0.20 to ₦0.61
➡️ 1-Year Liquidity₦404.1 Million
➡️ Market Capitalization₦2 Billion
➡️ # Shares Traded813,100
➡️ Gross Turnover₦241,300

9. NPF Microfinance Bank Plc (NPFMCRFBK)

NPF Microfinance Bank Plc

🥇 Status: Active

👉 A Nigerian community bank, NPF Microfinance Bank Plc was founded in 2005. The primary objective of the company is to provide banking and other authorized financial services to low- and moderate-income individuals and small businesses in Nigeria, with a particular focus on police officers.


👉 Retail banking, loan and advance granting, and related services are all part of the company’s offerings. In all, the bank has 28 locations. With an initial share price of 1.70 NGN, NPF Microfinance has since risen 46.5%, placing it 10th on the NGX in terms of year-to-date results.


👉  NPFMCRFBK’s 22% gain over the last four weeks is the fifth-best on NGX, so investors can remain confident in the share’s continued performance.


➡️ Current Live Price2.49 NGN
➡️ 1 Year Change+27.6%
➡️ YTD Change+46.5%
➡️ 52-Week Range₦1.60 to ₦2.57
➡️ 1-Year Liquidity₦214.7 Million
➡️ Market Capitalization₦5.7 Billion
➡️ # Shares Traded356,800
➡️ Gross Turnover₦413,500

10. Meyer Plc (MEYER)

Meyer Plc

🥇 Status: Active

👉 In the manufacturing sector, Meyer PLC, formerly DN Meyer Plc, is a prominent corporation. Meyer Plc manufactures and sells paints locally and in addition, paints, trading property, and corporate operations are all business segments of the company.


👉 With a starting share price of 0.46 NGN, Meyer has since gained 43.5%, placing it 11th on the NGX in terms of year-to-date performance. MEYER stockholders have reason to be bullish, as the stock has gained 20% in the last four weeks, placing it sixth on the NGX.


➡️ Current Live Price0.72 NGN
➡️ 1 Year Change+61%
➡️ YTD Change+43.5%
➡️ 52-Week Range₦0.20 to ₦0.66
➡️ 1-Year Liquidity₦4.8 Million
➡️ Market Capitalization₦350.6 Million
➡️ # Shares Traded500,000
➡️ Gross Turnover₦510,200


👉 Nigeria has the largest economy in Africa, with a GDP of over $1.1 trillion and a 0.3% 5-year compound annual growth. Nigeria is one of the best African countries that attract international investment through the Nigerian Exchange Group (NGX), the official stock exchange of the region.


Top 10 Brokers in Nigeria




Min Deposit

Sign Up Bonus








0.1 pips






40 USD

0.91 pips






30 USD

0.07 pips






30 USD

1 pips






20 USD

0.9 pips



FSA, CySec



30 USD

0.3 pips






100 USD

0 pips







0.4 pips






1000 USD

0.2 pips



CySec, FSC, FSA, BaFin, NFA




1.5 pips

Top 10 Brokers




































👉 The Nigerian Exchange Group offers a secondary market where securities can be traded and the bourse also maintains a seamless flow of money in Nigeria, providing favourable conditions and a fair platform for organizations as well as many individual entrepreneurs, allowing them to engage in trade.

The Basics of Share Investment

👉 When Nigerian investors purchase company shares, they subsequently become part-owners of that company.


👉 Your investment return is based on the company’s success or failure as a shareholder with an equity position in that corporation. Some businesses may pay out dividends to shareholders or reinvest profits in future development.


What should Nigerian investors consider before they purchase shares?

👉 It often requires time and effort to confidently construct your own share portfolio. Consider the following points before investing in stocks:

➡️ Diversification – If you are contemplating investing in shares, be sure you already have a diverse portfolio of other investments and assets.

➡️ Conduct research – Examine the investment factsheets to get an overview of the company’s financials by examining the balance sheet and income statement. Maintain current knowledge of your company’s regulatory news service (RNS) feeds and statements.

➡️ Verify the facts – Any critical information will be included in financial statements and factsheets that are accessible online.


The risks involved with buying/selling shares in Nigeria

➡️ Be cautious not to become too reliant on a single firm, product category, or industry in your investing portfolio.

➡️ This means you will have to handle the management of your portfolio yourself, and you may have to devote more time to researching and understanding your investment’s many influences.

➡️ Your return on investment may be less than you invested if the firm fails to perform, or the market goes against you.

The Advantages of buying Shares

It takes advantage of an economy that is continuously expanding

👉 As the economy expands, so do business profits. Growth in the economy means more sales, which in turn leads to more employment. Having a larger paycheck means that more money is deposited in the company’s bank account, leading to business growth and expansion.


Remaining a step ahead of inflation

👉 The best approach to keep up with inflation is to invest in equities, which have historically returned a high annualized rate of return. However, it requires a longer time horizon for investors to see their wealth grow. In addition, another benefit of shares is that even if the value lowers, you can still purchase and keep them, waiting for the shares to appreciate.


You can easily purchase shares in Nigeria

👉 When it comes to purchasing stocks, the stock market makes things simple as it has a low entry barrier. Several forex, CFD, and share dealing brokers offer access to stock exchanges and markets from around the world. In addition, it just takes a few minutes to open an account and start purchasing stocks.


You do not need a large amount of capital

👉 To begin investing in stocks, you do not need a large sum of money. Several retail brokers allow clients to purchase and sell stocks without charging significant fees.


👉 Several stock and CFD brokers do not require a minimum account balance when you register a share dealing account. If the stock you wish to purchase is too costly, you may be able to acquire fractional shares through your broker.


You can earn a return on investment and receive dividends

👉 Typically, investors want to buy low and subsequently sell high, allowing them to profit. Fast-expanding, high-value firms attract the attention of these traders, especially day traders and long-term investors who will find such companies and their shares appealing.


👉 Short-term trends are of interest to day traders; long-term growth in profits and stock value is of interest to long-term investors. In addition, stock-picking is a talent that both these types of traders feel they can use to outperform the rest of the market.


👉 However, some investors desire a steady flow of funds and to get dividends, they invest in stocks of firms that pay out frequent dividends to their investors, a key indicator that these businesses have a modest pace of expansion.


High Liquidity

👉 Liquidity, according to economists, refers to the ease with which an asset can be converted into cash with little delay. If you unexpectedly find yourself short of cash, this is a large benefit.

The Disadvantages of Buying Shares

It is a risky venture

👉 You might lose all your money if anything goes wrong, and the market moves against you. If there is a lot of uncertainty and fear in the stock market, investors will sell their shares if a firm performs badly, causing the stock price to fall.


👉 However, you will not recoup your original outlay if you decide to sell and if you cannot afford to lose your original investment, you should invest in bonds rather than stocks.


If you buy common shares, you will be paid last

👉 If a company is declared bankrupt, the preferred investors, bondholders, and creditors will receive payment first before other shareholders. However, this is something that will typically only occur in the event of a company’s bankruptcy.


👉 For this reason, a well-diversified portfolio is extremely important as it can help you mitigate and offset losses when some companies in your portfolio perform poorly.


It can be time-consuming

👉 It takes time to thoroughly investigate each firm before investing in its shares if you are doing it on your own. Reading financial accounts and yearly reports, as well as keeping up with current events in the business world, are all skills you will need to succeed in this field.


👉 Even the most prominent companies’ stock prices will decline in a market correction, a market collapse, or a bear market, so you must keep an eye on the market overall.


You must pay taxes

👉 If you sell your stock at a loss, you could be eligible for a tax deduction. In addition, if you earn from the sale of your shares, you will be subject to capital gains taxes.


It can be a very emotionally taxing activity

👉 The fluctuation in prices of shares can lead to a significant amount of emotional distress, leading to investors purchasing and selling out of fear and greed. To avoid this, the best course of action is to just check in regularly rather than continually monitor stock price swings.


Nigerian traders and investors face professional competition

👉 Institutional investors and professional traders face stiffer competition since they possess more resources in terms of time and expertise. However, advanced trading instruments, financial models and computer systems are available to them to help them compete against other market participants.

The Best Nigerian Shares Brokers 2023

👉 This “5 Best” is a comprehensive study of the Nigerian stock market done by our staff in March 2023. The overall article that we provide has guided more than 500 new stock traders in Nigeria in making informed trading decisions.


👉 To verify that all data is current, our research team double-checked it on the broker’s official website and datasheet. The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:

  1. Best Customer Support
  2. Lowest Spreads and Commissions
  3. Regulation
  4. Variety of trading instruments
  5. Highest leverage
  6. Negative reviews by their clients
  7. Minimum Deposit to start trading


👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.


Best MetaTrader CFD and Forex Broker for Nigerian Retail Traders

Exness Overview

👉 We chose Exness because of its unlimited leverage, choice in retail accounts, and the fact that the broker offers both MetaTrader 4 and 5 across devices, including a powerful and versatile mobile trading app.


Best Stock and CFD Broker for beginners in Nigeria

Best Stock and CFD Broker

👉 We chose Pepperstone as it is a well-regulated and low-cost, high-trust forex and CFD broker that offers a wide range of tradable instruments. In addition, Pepperstone offers a large range of educational materials and research tools to its clients.


Best Nigerian-based Stock and CFD Broker

FXTM Overview

👉 We chose FXTM because of its Nigerian Naira accounts, local deposits, and local customer support. FXTM is well-regulated and offers low-cost solutions to local Nigerian traders and investors.


Best Proprietary Trading Platforms for Nigerians

Education and Research

👉 AvaTrade offers a large selection of trading platforms, including innovative and versatile mobile trading apps, allowing Nigerians to trade CFDs on stocks from anywhere in the world if they maintain a stable internet connection.


Best Islamic Account Broker for Nigerian investors

Deposits And Withdrawals

👉 We selected OctaFX’s Islamic Account because Nigerian Muslim traders can expect competitive trading conditions, a safe trading environment, and a range of tradable stock CFDs.


👉 The Nigerian Exchange Group (NGX) is the continent’s top integrated market infrastructure, serving the continent’s largest economy as a market infrastructure provider. NGX also offers a wide range of regulated securities to its pool of local, regional, and worldwide investors to meet its investment goals.


👉 The best shares to purchase in 2023 based on their Year to Date (YTD) performance are as follows:

➡️ Wema Bank Plc (WEMABANK)

➡️ Academy Press Plc (ACADEMY)

➡️ Scoa Nigeria Plc (SCOA)

➡️ Guinness Nigeria Plc (GUINNESS)

➡️ PZ Cussons Nigeria Plc (PZ)

➡️ Learn Africa Plc (LEARNAFRCA)

➡️ Presco Plc (PRESCO)

➡️ Courtville Business Solutions Plc (COURTVILLE)

➡️ NPF Microfinance Bank Plc (NPFMCRFBK)

➡️ Meyer Plc (MEYER)


👉 Now it is your turn to participate:

➡️ Which broker from this list do you intend to test out?

➡️ What was the determining factor in your decision to engage with a certain broker?

➡️ Was it because of the minimum deposit or because of leverage?


👉 Regardless, please share your thoughts in the comments below.



👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.


What is a stock?

Simply defined, a stock refers to a unit or a share of ownership in a company that can be traded on the Nigerian Exchange Group.


What is a Stock Exchange?

It is an organized and regulated financial market where different securities such as shares, bonds, notes, and others, can be purchased and solved at prices determined by demand and supply.


What is the Nigerian Exchange Group?

It is a public marketplace where buyers and sellers can transact on NGX.


What is the share price?

It refers to the price at which a share is sold currently on the floor of the NGX.


Are shares worth 1 NGN better than those of 100 NGN?

No, shares are not measured according to the live price at which they trade. The share price is determined by dividing the market value by the number of shares that are outstanding. The share price is not a factor that indicates that one share is better than another.


What are P/E Ratios and EPS?

Earnings per share refer to the profit that a company makes per unit of shares that are held while the earnings per share are what the company pays per share that is held by an investor.


How much do dividends pay in Nigeria?

Every company has its own dividend policies and investors should acknowledge the dividends paid per share according to the market price per share, or the dividend yield.

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