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Nigeria’s stock market has its and . But if you had put some money in the right stocks in 2022, you might be sitting on millions today. Others? Not so much.

So, we looked at how 10 major stocks have performed since 2022. To help you make sense of it, we also spoke to an for insights. The big question is, are they worth your money now?

What does it mean to invest in stocks?

Think of it like this: 

• Stocks: A stock represents ownership in a company. When you buy a stock, you own a small piece of that company.

• Shares: Shares are the individual units of a stock. If a company has 1 million shares and you own 1,000 units, you own 0.1% of the company.

The terms “stocks” and “shares” are often used interchangeably.

• Equities investing: This is the act of buying shares (or stocks) in a publicly listed company. When a company needs funds, it can raise money by selling shares to the public. Investors who buy these shares become part-owners of the company and share in its profits or losses.

How do you make money from stocks?

• Dividends: Some Nigerian companies share their profits with shareholders as , usually paid twice a year.

• Capital gains (and losses): If a stock’s price increases, you can sell it for a profit. For example, if you bought shares at ₦10 per unit and the price rises to ₦20, you’ve doubled your money. But stocks can also lose value. If the price drops to ₦5 and you sell, you’ve taken a “”

Unlike lower-risk investment options like FGN bonds, money market mutual funds, or savings accounts, stocks are medium-risk—they can rise, fall, or even crash unexpectedly. 

10 Nigerian Stocks That’ve Made (Or Wrecked) Investors Since 2022

We tracked the performance of 10 major Nigerian stocks in 2022 vs. 2025, using historical data from, a platform that monitors global and local financial markets. Over the past three years, Nigeria has faced ,,, and , alongside shifting and . Many leading Nigerian companies have also suffered significant , all of which have shaped stock performance.

Here’s how a ₦100,000 investment in these Nigerian stocks would have changed between 2022 and 2025, showing whether the investment grew in value or took a loss. 

1. BUA Foods

According to historical data from , at ₦61.40/unit on March 11, 2022. Today, it’s up to ₦376.20/unit, which is a 512.70% increase.

If you had invested ₦100k in 2022, you’d have bought 1,628 units of BUA Foods stock. And they’d be worth ₦612,453.60 today. This means a ₦512,453.60 gain in three years.

• March 11, 2022: ₦61.40/�ܲԾ���.

• March 11, 2025: ₦376.20/�ܲԾ���.

• Capital gain on ₦100K: ₦512,453.60.

2. Nestlé

. Today, it’s down to ₦1,009/unit, a 29.65% drop.

₦100k would have bought you 69 units of Nestlé stock in 2022. But they’d be worth  ₦69,621 today. This means a ₦30,379 loss over three years.

• March 11, 2022: ₦1,435/�ܲԾ���.

• March 11, 2025: ₦1,009/�ܲԾ���.

• Capital loss on ₦100K: ₦30,379.

3. GTCO

In 2022, it traded at ₦22.40/�ܲԾ���. Today, it’s at ₦59.95/unit, a 167.63% increase.

Investing ₦100k in 2022 would have gotten you approximately 4,464 units of GTCO’s stocks, which would now be worth ₦267,616.80. That’s a ₦167,616.80 profit. 

• March 11, 2022: ₦22.40/�ܲԾ���.

• March 11, 2025: ₦59.95/�ܲԾ���.

• Capital gain on ₦100K: ₦167,616.80.

4. Dangote Cement Plc

has delivered steady growth over the past three years. In March 2022, it traded at ₦273.50/�ܲԾ���. Today, it’s at ₦480/unit: a 75.5% increase.

A ₦100K investment in 2022 (≈ 365 units) would now be worth ₦175,200, giving you a  ₦75,200 return. 

• March 11, 2022: ₦273.50/�ܲԾ���.

• March 11, 2025: ₦480/�ܲԾ���.

• Capital gain on ₦100K: ₦75,200.

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5. Airtel Africa

’s stock price has grown significantly over three years. In March 2022, it traded at ₦1,260/�ܲԾ���. Today, it’s grown by 71.18% to  ₦2,156.90/�ܲԾ���.

If you had invested ₦100K in 2022, you’d have bought 79 units. At today’s price, your investment would be worth ₦170,395.10, giving you a ₦70,395.10 gain.

• March 11, 2022: ₦1,260/�ܲԾ���.

• March 11, 2025: ₦2,156.90/�ܲԾ���.

• Capital gain on ₦100K: ₦70,395.10.

6. Seplat Petroleum

has delivered exceptional growth over the past three years. In March 2022, it traded at ₦990/�ܲԾ���. Today, it’s at ₦5,700/unit, a jaw-dropping 475.76% increase.

You’d have bought 101 units with ₦100k in 2022. Today, those units would be worth  ₦575,700, giving you a ₦475,700 appreciation. 

• March 11, 2022: ₦990/�ܲԾ���.

• March 11, 2025: ₦5,700/�ܲԾ���.

• Capital gain on ₦100K: ₦475,700.

7. Transcorp Hotels

In 2022, stocks traded at ₦5.38/�ܲԾ���. By 2025, it had surged to ₦126.10/unit, reflecting a 2,243.84% increase over three years.

A ₦100,000 investment in 2022 would have been enough for approximately 18,587 units. Today, those shares would be valued at ₦2,343,820.70, marking a ₦2,243,820.70 increase in value.

• March 11, 2022: ₦5.38/�ܲԾ���.

• March 11, 2025: ₦126.10/�ܲԾ���.

• Capital gain on ₦100K: ₦2,243,820.70.

8. MRS (Chevron)

Back in 2022, traded at ₦12.04/�ܲԾ���. If you had invested ₦100,000, you would have secured 8,305 units. With the stock now at ₦178/unit, your investment would have grown to ₦1,478,290, delivering a ₦1,378,290 profit and a 1,378.40% return.

• March 11, 2022: ₦12.04/�ܲԾ���.

• March 11, 2025: ₦178/�ܲԾ���.

• Capital gain on ₦100K: ₦1,378,290.

9. Total Nigeria Plc

If you had put ₦100,000 into in 2022, you would have acquired 377 units at ₦264.90/�ܲԾ���. With the stock now at ₦637/unit, your shares would be valued at  ₦240,149, giving you a ₦140,149 increase and a 140.15% return.

• March 11, 2022: ₦264.90/�ܲԾ���.

• March 11, 2025: ₦637/�ܲԾ���.

• Capital gain on ₦100K: ₦140,149.

10. Guinness Nigeria 

experienced modest growth over the same period. If you had invested ₦100,000 at ₦65/unit in 2022, you would have bought 1,538 units. At today’s price of ₦79.90/unit, your investment would now be worth ₦122,886.20, giving you a ₦22,886.20 appreciation and a 22.92% return.

• March 11, 2022: ₦65/�ܲԾ���.

• March 11, 2025: ₦79.90/�ܲԾ���.

• Capital gain on ₦100K: ₦22,886.20.&�Բ�����;

Note: On the Nigerian Exchange (NGX), shares are bought in whole numbers, so these calculations show the maximum number of whole shares ₦100,000 could buy. For example, at ₦1,435 per Nestlé share, you’d get 69 shares (₦99,015), not 69.69 units. Any leftover cash stays uninvested.

*Potential dividends were excluded for simplicity and to keep the focus on stock price changes over time.

Is It Giving ‘Buy’ or ‘Bye’?

With all the market swings, is now the time to invest, or should you sit this one out? 

, a multi-asset portfolio manager with 25 years of experience analysing financial markets, shares her key stock investment principles to help you make the right call:

• There’s always an opportunity in the stock market if you pick wisely:
  Not every stock is worth buying, but as long as a company is financially strong and well-managed, it can be a good investment. 

• If the price drops, buy more:
  Stock prices fluctuate. if you believe in a stock’s long-term value, don’t panic. Instead, keep buying to lower your overall cost per share.

• Diversify; don’t put all your eggs in one basket:
  Spread your money across different asset classes, industries, and, if possible, countries. A good rule of thumb: never invest more than 25% of your money in a single stock, industry, or company.

• Cash is also a strategy:
  Don’t sleep on cash! Keeping some money in a savings account or low-risk investments like Treasury Bills (T-Bills) or Money Market Funds gives you flexibility.

• No time to manage stocks? Hire a fund manager:
  If stock picking isn’t your thing, you can invest in an equity mutual fund or hire a fund manager (if you’ve got more money to spare). This way, professionals make the decisions for you.

Ogunnaiya also highlights that the “Financial services, oil and gas, and telecoms industries appear promising for long-term growth” in the stock market. 

At the same time, she warns that investing isn’t without risks, “Make sure you invest only through SEC-licensed entities and only invest in what you understand.”

How to Start Investing in Nigerian Stocks

You can’t just walk into the Nigerian Stock Exchange (NGX) building on Lagos Island and buy stocks or shares yourself. You need an intermediary — a licensed stockbroker. There are over 200 -registered and NGX-certified stockbroking firms in Nigeria, and you can find a full list on the or the .

To start, you’ll open a stockbroking account with one of these firms. Once your account is set up, you’ll receive login details to their platform, where you can browse available stocks and buy shares in any company you’re interested in.

What to Consider Before Investing in Nigerian Stocks

Ogunnaiya explains that before investing, you should assess the following: 

• Economic State: How is the economy performing? Are there sectors that remain strong regardless of economic conditions?

• Industry Outlook: What’s the general state of the industry? Is it growing or struggling?

• Dividend History: Does the company have a record of paying dividends? If so, how frequently?

• Stock Performance: How has the stock price moved over the past three to five years? Past growth doesn’t guarantee future gains, but it’s a useful indicator.

• Company Leadership: If you don’t trust the company’s leadership, you might want to think twice before investing.

• Financial Health: Look at the company’s profit history, asset size, and overall financial performance over the past three to five years.

You can find data on stock prices, dividend history, and financial performance on platforms like or the.

Bottom Line

Stocks can be a great way to build wealth, but they come with risks. If you can think long-term and handle market swings, they might be worth it. But if you prefer stability, safer investment options like money market funds or Federal Government of Nigeria bonds (FGN) bonds could be a better choice. The key is knowing your risk tolerance and investing accordingly.

Some stocks have soared, others have stumbled, but the Nigerian stock market is still full of opportunities for those who know where to look.

Join 1,000+ Nigerians, finance experts and industry leaders at for a day of real, raw conversations about money and financial freedom. and secure your spot at the money event of the year, where you’ll get the practical tools to 10x your income, network with the biggest players in your industry, and level up in your career and business.

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Also Read: These 10 Money Market Mutual Funds Are Making Nigerians Rich in 2025

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