If you’ve been searching for how to start investing in Nigeria without a broker, a finance degree, or a lot of money, this blog is for you.
Investing in the stock market might seem complicated, especially if you’re just starting out in Nigeria. But with platforms like the Trove app, it’s easier than ever to start your journey toward financial growth. Whether you want to invest locally or globally, Trove makes the process simple, secure, and beginner-friendly.
I’ll walk you through how to get started using the Trove app, why it’s one of the best investment apps available to Nigerians today, and how it compares to other platforms you may have seen.
Why Most Nigerians Are Not Yet Investing (And Why That’s Changing)
Less than 3% of Nigerians currently participate in the capital market. That’s an enormous gap, and it’s not because people don’t want to grow their money. It’s because, until recently, investing felt exclusive: something for people with connections, large sums of money, or a stockbroker’s phone number.
That’s no longer the case.
Today, stock investing apps like Trove have made it possible for any Nigerian with a smartphone to invest in Nigerian stocks and global stocks starting from as little as ₦1,000. No paperwork, no physical broker visit, no finance background required.
Inflation is currently running well above what any Nigerian savings account can match. Keeping your money idle means watching it lose value. Investing even in small, consistent amounts is one of the few ways to preserve and grow your purchasing power over time.
What is Trove App?
Trove is a Nigerian investment platform that gives you access to both local and international stocks directly from your phone. It was one of the first platforms to make fractional investing available to Nigerians, meaning you don’t need to buy a whole share of Apple or Dangote Cement. You can buy a fraction of one.
What you can invest in on Trove:
- Nigerian stocks (NGX-listed companies like MTN, GTBank, Dangote Cement)
- US stocks (Apple, Tesla, Amazon, and thousands more)
- Chinese stocks and European ADRs
- ETFs (exchange-traded funds)
Key features:
- Available on Android, iOS, and web
- Start from as little as ₦1,000 or $10
- Demo Trading: the only investment app that allows you to practise with virtual money before funding with real money
- Trove University: a built-in learning platform where you earn points redeemable for airtime, data, and trading credits
- Social investing: follow and see what other investors are holding
- Share gifting: send shares as a gift to family or friends
- Earn by Trove: Save and earn up to 16% interest
Is the Trove App Safe and Legit?
This is the most common question beginners ask, and it’s the right one to ask.
Yes, Trove is a legitimate investment platform. Here’s what backs that up:
- Nigerian stock trading is conducted through its brokerage firm Innova Securities, a firm registered with Nigeria’s Securities and Exchange Commission (SEC)
- Trove has been operating since 2018 and currently serves over 500,000 registered users
Any investment carries risk. The value of stocks can go up or down, but Trove itself is a regulated, legitimate platform.
What makes Trove the Best Fit for Beginners:
Trove gives you control. The platform allows you to choose your own stocks rather than handing money to a fund manager. Combined with the lowest minimum entry point (N1,000 or $10) and an in-app learning platform, it’s designed specifically for people who want to learn investing while actually doing it.
How to Get Started on The Trove app
Step 1: Download the Trove App
Download from the Google Play Store or Apple App Store. You can also sign up on the web if you prefer a desktop experience.
Step 2: Create Your Account
The signup process takes about 10–15 minutes. You’ll need:
- Your name and email address
- A strong password
- Answers to a few questions about your investment experience, risk tolerance, and income source (required by Nigerian and US financial regulators)
For full verification, have these documents ready:
- Government-issued ID (NIN, passport, or driver’s license)
- Utility bill or bank statement (proof of address)
- A selfie and signature
- Your bank account details
Verification typically takes 1–2 business days. While you wait, you can fund your wallet or use Trove’s virtual trading feature to practice without real money.
Step 3: Fund Your Wallet
Trove has two wallets:
- Naira wallet: for Nigerian stocks and bonds
- Dollar wallet: for US and international stocks
You can fund it using your debit card or bank transfer. The app shows you the Naira equivalent for any dollar amount you want to deposit, so there are no surprises on conversion.
Step 4: Buy Your First Stock
Once verified and funded:
- Use the search bar to find a stock (try “MTN Nigeria”, “Apple”, or “Zenith Bank”)
- Check if the market is open (Nigerian market: 10am–2:30pm weekdays; US market: 9:30am–4pm EST)
- Tap Buy shares, enter the quantity or amount you want to invest
- Review your order, accept the terms, and confirm
That’s it. You now own a piece of a company.
Pro tip: If you’re not sure what to buy, explore the ETF options on Trove. ETFs bundle multiple stocks together, so you get broad market exposure without having to pick individual companies.
What Are the Fees on Trove?
Transparency matters. Here’s what you should know:
- Nigerian stocks: 1.35% commission and SEC and other regulatory fees
- US stocks: Commission-free per trade
- Currency conversion: A spread applies when converting Naira to dollars for funding
- Dividends: A standard 10% withholding tax applies (this is Nigerian/US tax law, not a Trove fee)
Compared to traditional stockbrokers in Nigeria, who charge 1.5–3% per trade plus VAT, Trove’s fees, especially for US stocks, are very competitive.
What to Invest In as a Beginner in Nigeria
Not sure where to start? Here’s a simple mental framework:
For Naira-denominated growth: Look at NGX-listed blue chips — companies like Dangote Cement, MTN Nigeria, Zenith Bank, or Nestlé Nigeria. These are established businesses with long track records.
For dollar exposure and inflation hedging: US stocks or dollar-denominated ETFs are useful for protecting your wealth against naira depreciation. Even buying a fraction of an S&P 500 ETF puts your money in 500 of the largest US companies at once.
For learning without pressure: Start small. Use ₦5,000 to buy a few shares of one Nigerian company and one ETF. Watch how they move, read the Trove University content, and build your understanding before committing larger amounts.
FAQs
How much money do I need to start investing in Nigeria? With Trove, you can start from ₦1,000 for Nigerian stocks or $1 for US stocks. There is no minimum account balance requirement.
Can I invest in US stocks from Nigeria?
Yes. Trove, allow Nigerians to buy US-listed stocks and ETFs. With Trove, US stock trades are commission-free.
Is investing in stocks risky?
Yes, stock prices go up and down. However, historically, the Nigerian Exchange (NGX) delivered over 37% returns in 2023 alone, and US stocks have averaged around 10% annual growth over the long term. The risk of not investing, leaving money in a savings account while inflation runs at 15–20% is also significant.
What happens to my money if Trove shuts down?
Nigerian assets are held through an SEC-registered broker. US assets are held in SIPC-protected accounts. In both cases, your investments are held separately from Trove’s operating funds, which means they are protected if the platform ceases operations.
How long does withdrawal take on Trove?
Nigerian stock proceeds typically settle within T+2 (two business days). US stock proceeds follow standard US market settlement rules.
Conclusion
You don’t need to understand every financial term or have a lot of money to begin. The investors who build real wealth aren’t the ones who waited until they had the “perfect” strategy; they’re the ones who started small, stayed consistent, and let time do the work.
Download the Trove app, fund your wallet with ₦1,000, and buy your first share. The learning starts the moment you’re in the market.
