Eguavoen who recently joined the popular microblogging app Twitter responded to his victory on Twitter.
In a statement on his handle, Eguavoen said, "Many thanks to the Confederation of African Football for this award.
"The Best coach of the Group stage. Wouldn’t have been possible without my fantastic group of players and colleagues.
"Thank you Nigerians, for your support. It’s needed now, more than ever."
CAF also revealed the starting eleven and substitutes from the group stage. Two Super Eagles were included in the starting eleven with one on the bench.
Watford defender William Troost-Ekong and Nantes forward Moses Simon were among the tournament best in the group stage while Leicester City midfielder Wilfred Ndidi has a place among the substitutes.
The Super Eagles of Nigeria return to action when they take on the Carthage Eagles of Tunisia in a round of 16 fixtures scheduled for Sunday, January 23, 2022.