Nigeria’s stock market’s 68% dollar return is indeed impressive—thanks to a three-part combo: reform dividends, oil prices rebounding, and improved foreign-exchange liquidity. By contrast, South Korea’s KOSPI has fallen 22% from its peak, slipping into a technical bear market; the double-edged sword of the semiconductor cycle and the AI narrative has been too obvious. Sometimes, emerging markets can even outperform with excess alpha.

Nigeria’s dollar-denominated stock market returns reached 68%, exceeding South Korea’s KOSPI at 66%, making it the world’s strongest stock market (data covers 92 exchanges). The rise was driven by economic reforms, higher oil prices, and improved foreign-exchange liquidity. South Korea has seen bigger fluctuations due to its reliance on semiconductor and AI stocks; it fell about 22% from its June 19 peak, and this week entered a technical bear market with underperformance.