How to buy shares on the Nigerian Exchange: a beginner’s guide

Nigerian shares have had a strong run. The NGX All-Share Index stood at about 248,530 points on 10 August 2026, up about 70% on a year earlier, according to African Financials. Many first-time investors now want to know how to take part.

This guide explains the basics. It is not financial advice. Share prices can fall as well as rise, and you can lose money.

Step 1: Choose a licensed stockbroker

You cannot buy shares on the Nigerian Exchange (NGX) directly. You need a stockbroker, either a traditional firm or an investment app, that is registered with the Securities and Exchange Commission (SEC) and is a member of the NGX. Check the broker’s registration on the SEC Nigeria website before you sign up.

Step 2: Get your documents ready

According to nairaCompare’s guide, you will usually need:

• a valid ID;
• your National Identification Number (NIN) and Bank Verification Number (BVN);
• a Nigerian bank account.

Nigerians abroad can usually open an account with their international passport, a foreign utility bill and their BVN.

Step 3: Open your accounts

Your broker opens a trading account for you and a Central Securities Clearing System (CSCS) account. The CSCS account holds your shares electronically, so there are no paper certificates.

Step 4: Fund your account and place an order

Fund your account by bank transfer or card. Then search for the company by its ticker and choose how to buy:

• Market order: buy now at the best available price.
• Limit order: set the highest price you are willing to pay.

Some brokers let you start with about ₦10,000, and some apps accept as little as ₦1,000.

Step 5: Understand settlement

Since 1 June 2026, trades on the NGX settle one business day after the trade (known as T+1). Your shares then appear in your CSCS account. Keep every contract note your broker sends you.

What it costs

Each trade carries charges, including the broker’s commission, regulatory fees, stamp duty and VAT. Together, these come to roughly 1.5% to 2.5% per trade, depending on your broker, according to nairaCompare. Frequent buying and selling can eat into your returns.

Tax on your gains

Under the Nigeria Tax Act 2025, which took effect on 1 January 2026, individuals are exempt from capital gains tax on share sales of up to ₦150 million in a 12-month period, provided gains do not exceed ₦10 million, nairaCompare reports. Check with a tax adviser if you are near these limits.

Tips for beginners

• Start small and learn how the market works.
• Spread your money across several companies and sectors.
• Think long term. Daily price moves are often noise.
• Read company results. Listed companies publish them on the NGX website.
• Beware of tips on social media and anyone promising guaranteed returns.

Jogos Media does not give investment advice and receives no payment from any broker.