What Is the History of the Nigerian Stock Exchange?

The Nigerian Stock Exchange may be an unknown financial center to most of the world today, and was unheard of when it started over half a century ago. Today the exchange allows Africa to compete with the rest of the global markets on every continent in the world. The quick rise of this exchange has helped create the exchange as it is today.

The Beginning

In 1960 the Lagos Stock Exchange opened in Lagos Nigeria. By 1977 the name had been changed to the current Nigerian Stock Exchange.

The Branches

The exchange has branched out to six locations within the last quarter century. The locations are Lagos, Kaduna, Port Harcourt, Kano, Onitsha and Ibadan with a new office planning to open in Abuja.

Branch Years

Lagos opened as the original office with Kaduna opening by 1978. In the 1980s two more opened with two more in the 1990s.

Securities

When the Nigerian Stock Exchange opened it started with 19 securities. At the end of the 20th century there were over 262 securities trading there.

Significance

Within the past 30 years the Nigerian Stock Exchange has grown rapidly to match other exchanges in the world. It, along with the Russian exchange are the newest and fastest growing exchanges.