Nigeria has slipped to third place among the world’s best-performing stock markets after a strong recovery in South Korean equities ended its five-week run at the top.
Bloomberg data covering 92 global exchanges showed South Korea’s KOSPI had gained 68.52% in dollar terms since the start of 2026. Ghana ranked second with 66.68%, while Nigeria followed with a 65.23% return.
Nigeria took the global lead on July 10 after months of strong gains on the Nigerian Exchange. However, recent profit-taking has weighed on the market.
The News Chronicle reports that the NGX All Share Index declined 2.78% between August 10 and 14, closing at 242,619.2 points, while market capitalization fell from N160.4 trillion to N156.6 trillion.
South Korea’s renewed strength was largely driven by technology stocks, particularly Samsung Electronics and SK Hynix, amid growing demand for memory chips linked to artificial intelligence.
Despite losing the top spot, analysts said Nigeria remains firmly among the world’s strongest markets, supported by improved economic conditions, naira stability, stronger corporate earnings, banking recapitalization and attractive dividends.
Domestic investors have also remained a major force, accounting for about 89% of market activity in the first half of 2026.
Market operators believe Nigeria could reclaim the top position, particularly with the anticipated listing of Dangote Refinery expected to provide another boost to the NGX.
