Top 10 Stocks to Invest in Nigeria – 2024

Stocks are shares in a company that is expected to grow faster than the average market rate. Most of these stocks do not pay dividends, but some do, it is advisable to do some research about these companies before buying their stocks. 

Typically, companies issuing stocks plan to reinvest their profits to boost revenue quickly. Investors buy stocks hoping to make money by selling their shares for a higher price in the future.

1. International Breweries

 International breweries have risen to become the twenty-third most valuable company on the Nigerian Stock Exchange (NGX), boasting a market value of NGN 134 billion. This valuation accounts for approximately 0.505% of the total equity market on the NGX. At the start of the year, International Breweries’ shares were priced at NGN 4.95. Since then, the share price has experienced a modest increase of 1.01%, ranking it 52nd in terms of year-to-date performance on the NGX.

2. UAC of Nigeria Plc

UAC of Nigeria now ranks as the 39th most valuable stock on the Nigerian Stock Exchange (NGX), with a market capitalisation of NGN 32.3 billion. This value represents approximately 0.121% of the total equity market on the NGX. At the beginning of the year, the share price of UAC was NGN 9.50, and it has since risen by 17.9%. This increase places UAC 33rd in terms of year-to-date performance on the NGX

3. Transnational Corporation of Nigeria Plc

Transcorp Nigeria boasts a diverse investment portfolio, highlighted by its flagship properties, the award-winning Transcorp Hilton Hotel in Abuja and Transcorp Hotels in Calabar. Currently, Transcorp stands as the 32nd most valuable stock on the Nigerian Stock Exchange (NGX), with a market capitalisation of NGN 45.5 billion. This represents approximately 0.171% of the NGX equity market. Starting the year with a share price of 0.96 NGN, Transcorp has seen a significant increase of 16.7%, positioning it 36th in year-to-date performance on the NGX.

4. Unilever Nigeria 

Unilever Nigeria Plc is engaged in the manufacturing and distribution of food ingredients, along with household and personal care products, operating in two main segments: Food Products and Home and Personal Care. The Food Products segment primarily deals with the sales of tea and savoury items. Unilever Nigeria is currently the twenty-seventh most valuable stock on the Nigerian Stock Exchange (NGX), boasting a market capitalization of NGN 77.6 billion, which accounts for approximately 0.291% of the NGX equity market.

5. Guaranty Trust Holding 

Guaranty Trust Bank Plc offers commercial banking services including current accounts, deposits, overdrafts, loans, and other types of credit. They also provide services in foreign currency and derivatives. Guaranty Trust Holding ranks as the tenth most valuable stock on the Nigerian Stock Exchange (NGX) with a market value of NGN 605 billion, making up about 2.27% of the NGX equity market.

6. MTN Nigeria Communications

MTN Nigeria offers mobile network and technology solutions to millions of customers through its 15 service centers, 144 Connect Stores, and 247 Connect Points spread across all 36 states of Nigeria. Ownership of MTN Nigeria is distributed as follows: 75% by MTN International (Mauritius) Limited, 18% by Nigerian shareholders through special purpose entities, 2.7% by Mobile Telephone Networks NIC B.V, and 1.7% by Public Investment Corporation SOC Limited. With a market capitalization of NGN 4.09 trillion, MTN Nigeria is ranked third on the Nigerian Stock Exchange (NGX), representing about 15.4% of the NGX equity market. Starting the year with a share price of 197.00 NGN, MTN’s shares have increased by 2.03%, positioning it 50th in terms of year-to-date performance on the NGX.

7. Flour Mills of Nigeria

The company’s Food division produces and sells pasta, snacks, sugar, and noodles, while the Agro Allied section focuses on farming and produces fertilizer, edible oils, and animal feed. Flour Mills Nigeria has a market value of NGN 135 billion, ranking as Nigeria’s 22nd most valuable stock. Since starting the year at 28.35 NGN per share, its share price has increased by 16.1%, ranking it 38th on the NGX for this year’s performance.

8. Stanbic IBTC Holdings

Stanbic IBTC Holdings is estimated to represent 1.41% of the total equity market value on the Nigerian Company Exchange, making it the 13th most valuable stock on the NGX.

9. Dangote Sugar Refinery 

Dangote Sugar Refinery PLC processes raw sugar into edible sugar and sells it. The corporation also grows and mills sugar cane to produce finished sugar. Currently, Dangote Sugar Refinery has a market value of NGN 201 billion, accounting for 0.755% of the Nigerian Stock Exchange equity market.

10. FBN Holdings Plc 

First Bank of Nigeria Limited operates as the non-operating holding company for FBN Holdings Plc, a commercial bank and financial services company with operations in ten countries. With a market value of NGN 388 billion, FBN Holdings Plc currently ranks as the 11th most valuable stock on the Nigerian Stock Exchange.