Nigerian stocks have emerged as a surprise performer in 2020 despite the ravages of the global pandemic and an ongoing insurgency in northeast regions of the Western African country by Boko Haram extremists.
While most African markets underperformed the 16% total return of the MSCI World Index in 2020, Africa’s biggest economy was the notable exception with the MSCI Nigeria Net Total Return USD Index delivering a 24% dollar return in 2020. That compares with dollar returns of -9% for Kenya, -22% for Egypt and 2% for Morocco in 2020.
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