Nigeria, South Africa, and Egypt have been the largest economic giants in Africa since the start of the 21st century. The three countries have taken turns in being the largest economy in Africa over the last 60 years, with their stock exchanges being a critical feature of their economic exploits.
Apart from the Nigerian Exchange (NGX), the capital markets in South Africa and Egypt have a long-established history, with origins dating back to the 19th century. The NGX, formerly known as the Nigerian Stock Exchange, was founded on September 15, 1960—just days before Nigeria’s independence. In contrast, the Johannesburg Stock Exchange (JSE) was established much earlier, in 1887, about 73 years prior.
64 years after, the NGX is the fifth largest stock market in Africa, with a market capitalization of about $45 billion. However, it is dwarfed by the Johannesburg Stock Exchange (JSE) is the largest stock market in Africa, with a market capitalization of about $1.12 trillion. The JSE also has over 272 listed companies and about 800 listed securities.