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  Perhaps you’ve watched the Nigerian Stock Market rally and multiplied the investments of regular people like you. Now you’d like a piece of the action—you want your wealth to grow too, via the rising value of shares. But you don’t know how to buy shares online. How do you surmount this hurdle?
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In this article, we’ll clue you into how to buy shares or make money from the stock market, on digital platforms, wherever you are. But first, let’s show you how great stocks are at making your money work for you.

The Performance of the Nigerian Stock Market in 2023

The year 2023 has been a phenomenal year for Nigeria’s Stock Market. The market’s index is at its highest level ever; many stocks have returned well over 100% on investor’s funds. Some have even done north of 400%—an astounding feat by any measure. Just 3 years ago, the markets also performed phenomenally well, gaining a reputation as the best in the world. While these years aren’t typical for the NSE, they underscore the potential for stocks to increase wealth to substantial degrees.

How International Markets Have Fared

The S&P 500, an index that tracks the performance of 500 of the largest companies listed on the United States stock exchanges, is set to grow by 17% in 2023. In other words, if you invested $1,000 in stocks mirroring this index, you would have earned an extra $170 by year-end. That’s despite 2023 being a turbulent one for many sectors. We’ve seen fair outcomes elsewhere in the world.

A Brief Word of Caution

It’s worth noting that stock markets (whether in Nigeria or other countries) do not guarantee positive returns all the time. There’s always a risk that you’ll lose some money in the short term. But if you buy into quality companies and stay the course for the long term, you’ll gain a lot.
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How to Buy Shares Online in Nigeria: 6 Options Available to You

Now that we’ve pointed out the pros and cons of this sort of investment, it’s time to lead you through 6 platforms that let you buy shares online (and sell them too).
  • Chaka: This Nigerian platform gives you access to Nigerian and US stocks, which represent stakes in some of the biggest and best companies in both countries. You can trade shares on Chaka’s online platform, or its mobile app.
  • Bamboo: Here’s another FinTech that enables you to buy and sell shares in Nigeria and the United States. With just $1 or its naira equivalent, you can begin investing in stocks on Bamboo’s website or app—as long as you’re registered with them (you can do this online).
  • Trove: If you’re enthusiastic about buying shares and bonds from Nigerian, American, and Chinese companies, you should look into Trove. They’re one of the leading platforms for stock market investments in Nigeria.
  • Kuda: Widely recognized as a digital bank, Kuda has recently forayed into facilitating the purchase and sale of shares. As in the case with the other options on our list, you can begin investing in renowned companies on this platform as soon as you’ve registered with Kuda.
  • Meritrade: A brainchild of Meristem (a trusted brand in Nigeria’s financial sector), Meritrade allows you to trade shares listed on the Nigerian stock markets. Its registration process for new investors is rather lengthy, but that’s offset by the credibility of its parent company and the assurance that this gives.
  • WealthNG: This website lets you purchase and sell Nigerian and foreign stocks (in addition to enabling investments in agriculture, real estate, and fixed-income assets). WealthNG is a product of WealthTech, which is affiliated with Sankore Securities Limited, an entity registered with the Nigerian Stock Exchange.

How to Buy Shares Online: Steps You Should Take

While the specific steps to buying shares online in Nigeria may differ across platforms and stockbrokers, they largely follow this format:
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  • Choose an online platform; you can go for any one of the options we’ve listed here. Alternatively, you may have a look at the list of approved stockbrokers on the Nigerian Stock Exchange’s website, and go for one that you’re comfortable with.
  • Provide all the information the platform or broker requests for, including proof of identity (stockbrokers may also ask for proof of address and passport photographs).
  • You will be provided with an account
  • Following the creation of your account, you may begin buying and selling shares through it. Most platforms make this process easy to understand and follow. But if you’re not sure how to go about it, you may contact their Customer Care units through the email addresses or phone numbers listed on their websites.

Final Words

We’ve shown you how to buy shares online in Nigeria. It’s up to you to act on the information we’ve revealed here and grow your wealth with it. Featured Image Source: Clacified
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 18th November 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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