South Africa (Johannesburg) stock exchange has a cumulative market cap of about $990 billion when the Nigeria stock exchange is $50 billion. When you remember that Nigeria (population, 200 million) has 3x the population of South Africa (pop, 60 million), you will agree that we can do more.

The question is what can we do? In this note, I explain that rural Nigeria has latent opportunities which must be unlocked through new and improved property rights in the nation. If Nigeria modifies its property rights and digitizes its lands, farmlands, houses, etc, we can triple the value of our stock exchange within three years.

Yes, the wealth of rural Nigeria is not in any balance sheet in Nigeria, and that is unfortunate. And without a strong capital market, everyone becomes poor since pension funds, retirement funds, etc would return poor returns. If the Nigerian stock exchange is valued at, say $500 billion, it would mean, on average, every investor (directly and indirectly) is richer by a factor of 10!

Source: Tekedia