Key Questions: 
  • How did the Nigerian Exchange Limited perform in 2023?
  • What will drive the performance of the NGX in 2024?

Despite the sluggish expansion and persistently high interest rates, the global equity market showcased a remarkable resurgence in 2023. This marked a notable shift from the significant losses in 2022 caused by apprehensions about a global recession, which triggered selloffs in riskier and less stable emerging and frontier markets. As of December 29,  the MSCI All Country World Index surged 21.6% year-to-date, while the MSCI Emerging Markets Index recorded a 7.1% year-to-date increase.  

Nigeria, too, enjoyed a remarkable year. By September 1, 2023, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) soared to  67,527.2 points, surpassing the previous record set on March 5, 2008. By December 29, 2023, the NGX ASI had reached an even higher peak at 74,773.8 points. 



Nigeria’s performance was impressive, especially given the challenges faced by companies listed on the NGX, including soaring inflation rates, a depreciating exchange rate, and elevated interest rates.

The bullish momentum