Nigeria has lost its firm grip on the stock exchange market as Kenya beats her for the first time.
Investors put more money into Kenyan stocks than Nigeria’s for the first time on record in September.
According to Bloomberg, the value of shares traded on Nigeria’s exchange fell to $139 million, near the lowest since compiling of such data began in 2009, as foreign investors shunned an economy battered by militant attacks on oil facilities and shortages of foreign-exchange.
In Kenya, with an economy an eighth the size of Nigeria’s but set to grow almost 6 percent this year, the value rose 4.2 percent from August to $152 million.
See the chart below: