Market Cap of Nigerian Stock Exchange All Share Index: N35.18 trillion  (about US$50 billion). Market Cap of South Africa’s Naspers*: US$75.19 billion. Yes, one company in South Africa can buy everything in Lagos!

*Excluding properties in Europe which could have taken it well above $100 billion.

Many Nigerians think because South Africa and Nigeria share the same continent, they are on the same level.
They are not.

The guy saying it's an exchange rate thing is probably using data from MTN.

NSE value $50b
JSE value $180b

— oba (@ooloba) July 11, 2023