Nigerian stocks outperform among African counterparts
Africa’s biggest economy emerges as surprise all-star performer in 2020 despite the Covid-19 pandemic and Boko Haram insurgency
Nigerian stocks have emerged as a surprise performer in 2020 despite the ravages of the global pandemic and an ongoing insurgency in northeast regions of the Western African country by Boko Haram extremists.
While most African markets underperformed the 16% total return of the MSCI World Index in 2020, Africa’s biggest economy was the notable exception with the MSCI Nigeria Net Total Return USD Index delivering a 24% dollar return in 2020. That compares with dollar returns of -9% for Kenya, -22% for Egypt and 2% for Morocco in 2020. Nevertheless, the ongoing problem of foreign investors struggling to repatriate funds out of Nigeria and persistent volatility of its currency, the naira, mean the country is not without its risks...
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