Nigeria’s stock market has emerged as the world’s best-performing equity market in dollar terms this year, overtaking South Korea as investors increasingly reward the country’s improving macroeconomic outlook and ongoing economic reforms.
According to Bloomberg data tracking performance across 92 global stock exchanges, Nigeria’s benchmark equity index has delivered a 67% return in U.S. dollar terms since the beginning of the year.
According to Bloomberg data tracking performance across 92 global stock exchanges, Nigeria’s benchmark equity index has delivered a 67% return in U.S. dollar terms since the beginning of the year.
Nigeria has benefited from improving economic fundamentals, sustained policy reforms, firmer global oil prices and improved foreign exchange liquidity. These developments have strengthened investor confidence and supported capital inflows into the Nigerian Exchange (NGX).
The appreciation of the naira by approximately 4% against the U.S. dollar since January has further enhanced returns for international investors, contributing significantly to the market’s leadership in dollar terms.
The appreciation of the naira by approximately 4% against the U.S. dollar since January has further enhanced returns for international investors, contributing significantly to the market’s leadership in dollar terms.
Credit: Nigerian Exchange Group
