Nigeria’s stock market has emerged as the world’s best-performing equity market in dollar terms this year, surpassing South Korea after a decline in Asian equities weakened the Kospi’s earlier rally.
According to data from 92 global stock exchanges, Nigerian equities have recorded a 68% return in dollar terms since the beginning of the year, narrowly outperforming South Korea’s 66% gain.
Analysts attribute Nigeria’s strong performance to ongoing macroeconomic reforms, rising global crude oil prices, improved foreign exchange liquidity, and the appreciation of the naira against the US dollar.
The country’s investment outlook also received a boost following reports that S&P Dow Jones Indices is considering upgrading Nigeria to frontier market status, a move that could attract increased foreign portfolio investment.
Financial services firms listed on the Nigerian Exchange have been among the biggest beneficiaries of the rally, with Fortis Global Insurance Plc recording one of the highest gains, delivering an exceptional 1,400% return in dollar terms.
The development highlights renewed investor confidence in Nigeria’s capital market as economic reforms continue to reshape the investment landscape.
