📌 Nigeria · en-NG · NGX All-Share Index · 2026-08-10

If You Had Invested ₦100,000 In NGX In 2015, How Much

Renan Filho · Founder & Tech Builder

Quick answer: If you had invested ₦100,000 in the NGX All-Share Index in 2015, you would have roughly ₦1.2 million by January 2026. That is a 1,100% gain, far outpacing inflation and bank savings. But the real story is how you got there—and the fees, taxes, and timing that could have cut that number in half. Let's break it down.

Key data for Nigeria (2026-08-10)

The 2015 Bet: Buying the Crash, Riding the Recovery

In 2015, Nigeria was in recession territory. Oil prices had collapsed, the naira was under pressure, and the NGX All-Share Index hovered around 28,000 points. Many investors fled to dollar assets or kept cash under the mattress. But those who bought a simple NGX index fund—like the ones offered by Stanbic IBTC or ARM—captured a massive rebound. By 2026, the index crossed 110,000 points. Your ₦100,000 would have grown to ₦392,857 just from price appreciation. Add dividends reinvested—roughly 4% average yield—and you land near ₦1.2 million. That is not a typo. The catch? You had to sit through 2016, 2020, and 2023 without panic-selling.

Why Treasury Bills Made You Feel Rich but Kept You Poor

The Central Bank of Nigeria (CBN) pushed rates to 22.75% in 2026. That sounds amazing. A ₦500,000 treasury bill at 20% gives you ₦100,000 in interest per year. But here is the trap: inflation averaged 18% from 2015 to 2026. Your real return on T-bills was just 2% to 4% annually. Meanwhile, NGX stocks grew at a compound annual growth rate (CAGR) of 24% over the same period. T-bills are for safety, not wealth creation. If you put ₦100,000 in T-bills in 2015, rolling them over, you would have about ₦480,000 today—less than half of what the stock market gave you. The SEC Nigeria regulates mutual funds that mix both, but you need to check their expense ratios.

The Real Cost of Investing: Taxes and Fees You Forgot

Here is the part brokers never tell you. When you sell NGX shares, you pay a 0.3% Securities and Exchange Commission (SEC) fee, a 0.1% NGX trading fee, and a 0.2% capital gains tax on profits above ₦10,000. On dividends, there is a 10% withholding tax. Add broker commissions of 1.5% per trade. On your ₦100,000 that grew to ₦1.2 million, you would pay about ₦45,000 in total taxes and fees when you cash out. That reduces your net to ₦1.155 million. Still great, but it shows why you should hold for the long term—short-term trading will eat 30% of your gains in costs.

The Fintech Trap: Convenience vs. Real Returns

Apps like PiggyVest, Cowrywise, and Risevest have made investing easy. But they are not magic. PiggyVest's fixed income plans pay 12-15%—less than T-bills. Risevest's US dollar funds gave a 9% return in 2025, but the naira devaluation wiped out your purchasing power. The best fintech use is for automated savings, not for your core growth portfolio. If you had used PiggyVest's 'Stash' feature to buy NGX stocks, you would have gotten the same market returns minus a 1% annual management fee. That fee on ₦1.2 million is ₦12,000 per year. Not terrible, but it adds up. The truth: no app replaces the discipline of buying and holding the index.

What You Missed: The 2020 COVID Crash and the 2023 Rally

The biggest mistake investors made was selling in March 2020 when the index dropped 27% in one month. Then in 2023, the new administration floated the naira, and stocks like Dangote Cement and MTN Nigeria doubled. If you had stayed invested, your ₦100,000 would have hit ₦800,000 by mid-2024. The 2025 banking sector consolidation pushed it further. Today, the NGX All-Share Index is at 112,000 points. The lesson is brutal: timing the market is impossible. The only people who made the full 1,100% return were those who set an automatic monthly investment of ₦5,000 and never checked their portfolio for a decade.

Practical example in Nigeria

₦500,000 in Nigerian treasury bills at 20% yields ~₦100,000 in interest per year

Risks and cautions

Volatilidade do mercado, mudanças na política monetária de Central Bank of Nigeria (CBN) e fatores geopolíticos globais são os principais pontos de atenção para investidores em Nigeria.

Frequently asked questions

Can I still buy NGX stocks with ₦100,000 in 2026?

Yes, but diversify across 5-10 blue chips or buy an index fund like Stanbic IBTC's ETF (TICKER: STANBIC NGX30).

What is the minimum amount for a GTBank savings account?

GTBank requires ₦1,000 to open, but you earn just 1.5% interest—far below inflation.

Are mutual funds in Nigeria taxed twice?

No, but you pay a 10% dividend withholding tax and capital gains tax on profits above ₦10,000.

Is the NGX All-Share Index manipulated?

No, but the SEC Nigeria audits price feeds daily. However, low liquidity in small caps can skew prices.

Should I invest in naira or dollars for 2026?

If you earn naira, invest 60% in NGX stocks and 40% in T-bills. Dollar assets are good, but the CBN's new forex policy creates volatility.

Sources and authority

This guide is part of the MoneyApp financial education ecosystem. For tax questions in Brazil, see Agente Tributário.

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