Kenya: Taking over the crown
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For a very long time Nigeria has been the dominant stock market in Sub-Saharan Africa excluding South Africa. This was mostly because of its sheer size and depth of the market. However as limitations on USD expatriation reduce investor appetite for Nigeria, more and more investors are lured to Kenya, a country that never had the luxury of easy oil revenues. Nigeria’s total market capitalization is still much bigger. However, with international investors refusing to trade in Nigeria until its currency is devalued it may be only a matter of time before Kenya will become the most traded Sub-Saharan Africa market after South Africa.