Business and Finance

10 Best Stocks to Buy on Nigeria Stock Exchange for 2024

10 Best Stocks to Buy on Nigeria Stock Exchange for 2024

The Nigerian Stock Exchange (NGX) is important to the country’s money system. It started in 1961, initially called the Lagos Stock Exchange, and has played a big role in shaping Nigeria’s economy. The NGX is a key place for companies to get money from the public and for people to invest in these companies. Since it began, it has been a significant part of Nigeria’s economic story, helping businesses grow and giving people a way to be a part of that growth.

The NGX has had many important roles in the financial market. It’s the main way for companies to get money to grow, build infrastructure, and improve their overall business. This shows how important it is to help the economy grow, bringing together investors who want opportunities with businesses that need money. 

Throughout the years, the NGX has faced ups and downs in the economy, adjusting to changes in both local and global financial situations. If you are an investor looking for opportunities in the Nigerian Exchange this new year, Keep reading as this article will provide in-depth details of the 10 best stocks you can invest on the Nigeria Stock Exchange in 2024. 

Performance Of The Nigerian Exchange In 2023

In 2023, the Nigerian Exchange (NGX) had a strong performance that greatly impacted the country’s financial situation. Even though there were challenges like the removal of fuel subsidies and changes in exchange rates, the NGX showed impressive strength. The Nigerian Exchange All Share Index (ASI), which measures how well the stock market is doing, did exceptionally well. It ended the year with a remarkable 45.9% gain. 

This performance was better than most developing countries and also surpassed the results of developed countries, as shown by Morgan Stanley Capital International (MSCI) for Emerging Markets and Developed Markets, which had returns of 6.8% and 18.5%, respectively. Many important factors played a role in the changes seen on the NGX in 2023. The decisions made by President Bola Ahmed Tinubu’s new administration, like removing fuel subsidies and unifying exchange rates, were important for the market’s strength. 

These decisions, which were liked by the market, got approval from international financial institutions and a good rating from Moody’s in the second half of the year. The positive impact of these choices was supported by good prices for crude oil, strong earnings from listed companies (especially in the financial sector), and promising news about the Central Bank of Nigeria planning to strengthen the banking sector through recapitalization.

In the first half of 2023, trading on the NGX was meticulously done. The upcoming general election and a currency redesign process that had some issues created uncertainty, affecting how investors felt. Despite these challenges, the second half of the year saw a notable improvement in the stock market’s performance, showing that the NGX could bounce back and stay strong.

The 10 Best Stocks To Buy In 2024

Investors looking at the Nigerian Stock Exchange (NGX) in 2024 have many opportunities to consider. Some of the top stocks worth looking into include:

Morison Industries Plc (MORISON)

Morison Industries Plc is a standout in the Nigerian stock market and is a strong contender for investors seeking promising opportunities in 2024. This company, which falls under the category of non-durable consumer goods, has made a name for itself by specializing in healthcare and cleaning products. With a solid foundation and ongoing success, Morison Industries has become a trusted player in the consumer non-durable goods sector on the Nigerian Exchange (NGX).

By the end of 2023, Morison Industries had a remarkable performance in the stock market, showcasing excellence. Closing the fourth quarter impressively, the company’s stock price was 1.99 Naira, indicating its strength and positive momentum despite market changes. Morison Industries displayed significant financial strength and attracted investors with a trading volume of 2.129 thousand and a market capitalization of 1.968 billion Naira.

Honeywell Flour Mills Plc (HONYFLOUR)

Honeywell Flour Mills Plc is an important company in the Nigerian stock market that gives investors a way to be part of the world of processed foods. They work in the industry of making things we eat and use, like noodles and wheat meal, and are listed on the Nigerian Stock Exchange (NGX). Honeywell Flour Mills is known for providing good-quality processed foods and has become a reliable supplier in Nigeria for items like semolina, noodles, macaroni, and more.

In the financial landscape of 2023, Honeywell Flour Mills Plc showed strength and skill. The company’s stock was valued at 3.23 Naira, making it a center of attention for investors interested in the processed consumables industry. With a high trading volume of 199.773 thousand shares and a market capitalization of 25.377 billion Naira, Honeywell Flour Mills demonstrated its financial strength and appeal in the market.

Vitafoam Nigeria Plc (VITAFOAM)

Vitafoam Nigeria Plc is a well-established company in the Nigerian stock market, and it plays a big role in the business world, especially in the manufacturing industry. Being a long-standing manufacturer of furniture and bedding, Vitafoam has had an important impact on the consumer goods sector in Nigeria. Since its beginning, the company has been known for producing high-quality and innovative furniture and bedding solutions, which makes it a reliable name in the industry.

Taking a closer look at Vitafoam’s market performance shows that the company is financially strong. It has a market capitalization of 37.769 billion Naira, giving investors a clear idea of its size and value in the market. The stock price is 22.20 Naira, making Vitafoam an investment option that is both accessible and significant.

Guinness Nigeria Plc (GUINNESS)

Guinness Nigeria Plc is a well-known and respected company in the Nigerian beverage industry. It stands out with a rich history and a collection of globally recognized brands. Renowned for producing alcoholic beverages like Orijin, Smirnoff, Snapp, and the popular Malta Guinness, the company has become a key player in the consumer non-durable market.

Looking at the technical details, Guinness Nigeria Plc appears to be an attractive stock choice for investors in the Nigerian stock market in 2024. The current stock price is 42.50 Naira, and the significant trading volume of 222.078 million shares indicates both stability and substantial market liquidity. The market capitalization, which is 93.091 billion Naira, emphasizes the company’s strong position in the industry.

Royal Exchange Plc (ROYALEX)

Royal Exchange Plc is well-known in the Nigerian financial sector, operating within the finance industry of the Nigerian stock exchange. The company offers a range of financial services, including insurance, trusteeship, and other core finance-related offerings. With its wealth of experience, Royal Exchange has gained a good reputation for providing financial solutions to both corporate and individual clients.

As per the most recent market information, Royal Exchange Plc has a stock price of 0.82 Naira, making it a budget-friendly option for various investors. The stock also shows an impressive market capitalization of 4.219 billion Naira, indicating the company’s size and importance in the financial sector.

Courteville Investments Plc (COURTVILLE)

Courteville Investments Plc is involved in the commercial services industry, engaging in diverse business ventures across various sectors. Courteville has strategically positioned itself in the Nigerian market, participating in a variety of commercial activities. The company’s diversified business model adds to its resilience and potential for growth, especially in dynamic market conditions.

Courteville Investments Plc is valued at 1.776 billion Naira in the market. The price of each share, along with its overall market value, makes Courteville an interesting option for investors who want to consider a company with a moderate market value.

University Press Plc (UPL)

University Press Plc is a well-known publishing house in Nigeria, playing a significant role in the country’s literary scene. It is a big player in the consumer services sector, concentrating on printing, selling, and distributing books. The company has a long history and a dedication to providing high-quality publications,

University Press Plc’s stock is reasonably priced at 2.94 Naira, making it an affordable option for investors looking to enter the publishing industry. The market capitalization stands at 1.268 billion Naira.

Cutix Plc (CUTIX)

Cutix Plc operates in the product manufacturing industry, with a focus on producing various items such as aluminum cables, as well as cables for appliances and cars. As a Nigerian company, Cutix has made a mark in the manufacturing sector. 

Cutix Plc provides an intriguing situation for investors considering whether to buy or sell. The company has a market capitalization of 8.454 billion Naira, and its stock is priced at 2.40 Naira. These financial metrics for Cutix Plc fall within a reasonable range, adding to the consideration for potential investors.

United Capital Plc (UCAP)

United Capital Plc is another popular participant in the financial services sector in the Nigerian market. Functioning as a financial and investment company, it provides a wide array of services, including investment banking, asset management, wealth management, trusteeship, and securities. United Capital Plc has a noteworthy market capitalization of 65.4 billion Naira, indicating its substantial market value. The current stock price is 10.75 NGN.

Skyway Aviation Handling Company Plc (SKYAVN)

Skyway Aviation Handling Company Plc (SKYAVN) operates in the Nigerian transportation sector, particularly in aviation and airport services. SKYAVN provides essential services related to aviation and ground handling at airports. The company’s active participation in this sector positions it as a key player in ensuring the smooth and efficient operations of aviation services.

The technical rating for Skyway Aviation Handling Company Plc indicates a favorable outlook for potential investors. The stock is currently priced at 5.83 Naira, and its technical rating suggests that it’s a good time to consider purchasing at the current price.


The Nigerian stock market has opportunities for investors, and the mentioned stocks are a good starting point for those thinking about joining in 2024. However, while the mentioned stocks offer chances, it’s advised for investors to be cautious and think long-term. Short-term ups and downs in the market happen, and having a strategic and patient approach can help lessen the impact of volatility. Diversifying investments, doing thorough research, and staying updated on market trends are important parts of a smart investment strategy.