The Top-Performing Tech Stocks in Nigeria

Nigeria’s tech ecosystem has evolved significantly, becoming a hotspot for innovation and investment opportunities. As the largest economy in Africa, Nigeria boasts a burgeoning tech sector driven by increasing internet penetration, a youthful demographic hungry for digital solutions, and a thriving entrepreneurial spirit.

This landscape has not only captured the attention of local entrepreneurs but has also become increasingly attractive to foreign investors seeking high-growth markets. With a dynamic blend of innovative startups and established tech firms, the Nigerian Stock Exchange (NGX) offers investment opportunities in tech stocks that showcase promise and potential gains.

Stocks represent ownership in a company and are divided into two primary types: publicly listed and private stocks. Publicly listed stocks are available for purchase on stock exchanges, offering investors the opportunity to buy shares and become part owners of a company.

Private stocks are not publicly traded and are usually restricted to a select group of investors, founders, or employees of the company.

Investing in publicly listed stocks on the NGX provides individuals with an opportunity to partake in the ownership of leading Nigerian tech companies. These companies offer shares to the public, allowing investors to buy and sell these shares through the stock exchange.

In this article, we delve into three Nigerian tech stocks that could offer potential gains for investors keen on tapping into the growing tech market.

Why you should invest in a tech company

Investing in tech stocks, particularly startups, offers a myriad of advantages. Firstly, these investments often carry the potential for substantial returns, driven by the innovative and growth-oriented nature of tech companies.

Investment diversification can be achieved by adding tech stocks to a portfolio, which helps spread risk across multiple sectors. Tech companies are renowned for their innovative breakthroughs, making such investments not only financially profitable but also contributing to cutting-edge advancements in various industries.

Moreover, tech stocks listed on exchanges offer liquidity, enabling swift buying and selling while also providing transparency due to regulatory scrutiny. Despite volatility, investing in tech companies could result in significant long-term gains, especially when considering the global exposure and the potential for exponential growth.

Nonetheless, investors should acknowledge the inherent risks involved, including market fluctuations and the uncertainty surrounding the company’s success, emphasising the importance of thorough research and professional financial guidance before diving into such investments.

Here are three Nigerian tech companies you may want to buy stocks in.

eTranzact International (ETRANZACT)

eTranzact is a two-decade-old company that provides payment processing services to individuals, merchants, small businesses, and large corporations. The company has shown remarkable growth in profitability, with an impressive profit surge of 149% in H1 of 2023. the company recorded a  profit of N1.01 billion, representing a significant leap from the preceding year.

eTranzact H1 of 2023 reports ₦1.01 billion profit, a 149% increase from H1 of 2022

The company reported an unaudited ₦1.01 billion profit, a 149% increase over the exact period in 2022, which saw the company earn ₦408 million in unaudited profit. The Nigerian payments provider’s earnings far exceeded its projections, with its half-year profit above the predicted ₦582 million for the third quarter of 2023.

A similar pattern was seen in terms of revenue, with eTranzact generating ₦17.37 billion in the first half of 2023. This was a 49.37% increase from the revenue generated in H1 2022 and above the predicted net revenue of ₦9.13 billion for September 30, 2023.

The company’s revenue rose by 157% to ₦1.17 billion in 2022. Starting this year at 3.50 NGN per share, eTranzact share price increased by 110% to reach 7.4 NGN per share as of November 22, 2023.

MTN Nigeria (MTNN)

MTN Nigeria is a leading telecommunications company that provides mobile network services to over 70 million subscribers across the country. The company has been expanding its services to include fintech and digital entertainment, making it a diversified investment option.

As a prominent player in Nigeria’s telecommunications sector, MTN Nigeria has experienced commendable growth, with its market capitalization soaring by 61.8% in 2020. According to its recently released financial results, the company reported a 21.4% surge in revenue for the first nine months of 2023, defying the economic challenges posed by the devaluation of the naira and Nigeria’s rising inflation.

Notably, the company has not only managed to withstand headwinds but has also maintained its lead and growth as Nigeria’s leading network provider by market share, adding 2 million subscribers during this period.

MTN Nigeria user complaining of bad network

Per the report, the company’s total revenue soared to ₦1,772,949 million, representing an impressive growth rate of 21.4% compared to the same period in 2022. The core service revenue was a key driver, reaching ₦1,762,858 million.

While the company navigated various challenges, such as currency devaluation, higher costs due to the devaluation, and VAT on tower leases, it achieved remarkable earnings before interest, taxes, depreciation, and amortisation (EBITDA) growth.

EBITDA increased by 16.3%, reaching ₦907,927 million. Despite a decline in the EBITDA margin, which fell by 2.4 percentage points to 51.2%, the company maintained strong profitability.

Starting the year at 215.00 NGN per share, the stock is currently trading at 238 NGN per share. MTNN’s strategic endeavours, including securing the NCC’s approval for spectrum purchases, reflect its commitment to expanding its market presence.


CWG, which operates fintech and cloud services, has seen its share price peak this year as company insiders increased their holdings. The company’s flagship products are technology infrastructure services and cloud software services.

CWG leads Nigerian Exchange with 9.6% gain. Here is why it matters

The Computer Warehouse Group is ranked 1st on the NGX in terms of share price year-to-date performance. Over the past months, the stock has gained 137%, the best on NGX. The company’s share price began the year at N1.01 and has surged to N8.09

The share price rally can be attributed to strong financial performance, a large volume of shares traded, and positive market sentiment. Over the past months, CWG has traded a total volume of 116 million shares—in 2,439 deals valued at NGN 490 million—with an average of 1.84 million traded shares per session, ranking the company the 49th most-traded stock on the NGX.

CWG has a total shareholder equity of NGN2.0B and a total debt of NGN866.6M, which brings its debt-to-equity ratio to 43.7%. Its total assets and total liabilities are NGN16.5B and NGN14.5B, respectively. CWG’s EBIT is NGN1.3B, making its interest coverage ratio 17.9. It has cash and short-term investments of NGN1.5B.


Investing in these top technology stocks from Nigeria could be a smart move for your investment portfolio, as the country’s tech industry continues to grow and expand. With the right strategy and due diligence, you could be positioned to reap significant rewards in the coming years.

However, while the Nigerian tech sector presents compelling investment opportunities, potential investors must conduct thorough research, evaluate market conditions, and consider consulting financial advisors before making investment decisions. By comprehending the dynamics of the Nigerian tech market and the performance of the above-listed stocks, investors can make informed choices aligned with their investment goals and risk appetite.



TechTV Network is a leading Technology and Business Analysis news and broadcast platform that seeks to explore the interplay between technology, productivity, entertainment and national development in the light of the growing digital economy.

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