Nigeria has lost its position as the world’s best-performing stock market after a five-week run at the top, with South Korea reclaiming first place and Ghana moving into second as global equity markets reshuffle.
Bloomberg data covering 92 stock exchanges showed that, as of August 14, South Korea’s KOSPI had delivered a 68.52 per cent year-to-date return in dollar terms, ahead of Ghana’s Composite Index at 66.68 per cent and Nigeria’s NGX All-Share Index at 65.23 per cent.
Nigeria assumed the global lead on July 10, when its dollar-denominated market return overtook South Korea’s. Its subsequent slide to third does not represent a collapse in Nigerian equities; rather, it reflects the pace of South Korea’s recovery and Ghana’s continued market gains.
South Korea’s rebound has been driven largely by technology stocks, particularly Samsung Electronics and SK Hynix, as investors renewed expectations for demand for memory chips used in artificial-intelligence infrastructure. The sharp recovery followed a severe correction in Korean equities.
Nigeria’s market has meanwhile benefited from strong domestic participation and sustained demand for equities. Nigerian investors accounted for 87.93 per cent of total NGX transactions worth about ₦9.60 trillion in the first half of 2026, according to NGX data, highlighting the growing influence of local capital in the market.
The rally has, however, entered a period of profit-taking. The NGX All-Share Index fell for a fifth consecutive session on August 14, closing at 242,619.20 points, while the market shed about ₦3.8 trillion in capitalisation during the week. The decline was concentrated across several major sectors, including banking, consumer goods and insurance.
Investor attention is also increasingly focused on the planned initial public offering of Dangote Petroleum Refinery. The company has submitted an application to Nigeria’s Securities and Exchange Commission for a potential $5 billion IPO, although the final size remains undecided. It plans a retail-focused Nigerian listing by October and currently has no plans for a foreign listing for at least three years.
The ranking change therefore offers little reason for alarm. Nigeria remains among the world’s strongest-performing equity markets in 2026. The more important test will be whether corporate earnings, investor confidence and domestic liquidity can sustain the rally as profit-taking intensifies and the market approaches a potentially transformative refinery listing.
