Nigeria has just taken a title Jamaica once proudly held.

So the Nigeria stock market is now the best-performing in the world.  According to Bloomberg, it’s delivered a 67 percent return in US-dollar terms since the start of 2026.

But what is sending Nigerian stocks soaring? And could Jamaica ever reclaim the number-one spot?

Nigeria’s benchmark stock index has surpassed South Korea’s to become the strongest-performing market among 92 exchanges tracked by Bloomberg.

By July 8, the Nigerian Exchange All-Share Index had gained nearly 56 percent in local-currency terms. A roughly four-percent strengthening of the naira pushed the return for US-dollar investors even higher, to 67 percent.

And this is not just one lucky year.  Nigeria’s market rose 37 percent in 2024 and another 51 percent in 2025, meaning the rally has been building for several years.

So, what’s driving it?

First, investors are responding to improving foreign-exchange liquidity, firmer oil prices and signs that Nigeria’s economic reforms may finally be stabilising the country’s outlook.

The stronger naira is particularly important. A stock-market gain can disappear for an overseas investor when the local currency falls. This year, Nigeria has had both rising share prices and a stronger currency.

Second, financial-sector stocks have been major contributors.  Nigeria’s banks are raising capital to meet new regulatory requirements. Insurance companies and other financial stocks have also recorded significant gains.

Third, more Nigerians are participating in the market.

Domestic investors reportedly led a 177-percent increase in stock-market transactions.  This has been supported by easier access through investment apps, social media and growing interest from younger retail investors.

Then there is the Dangote effect.

The anticipated listing of the US$20-billion Dangote Petroleum Refinery has generated enormous attention. The company is reportedly considering raising as much as US$2 billion at a valuation exceeding US$40 billion — potentially making it Africa’s largest-ever IPO.

The refinery has not listed yet, but the planned IPO is helping to energise investor interest.

Nigeria has also been placed on S&P Dow Jones Indices’ watchlist for possible reclassification from a standalone market to a frontier market in 2027. That could eventually make Nigerian shares eligible for more international investment funds.

Now for Jamaicans, this story may feel familiar.

Jamaica was ranked the world’s best-performing stock market in 2015 and again for 2018.

Between 2015 and 2018, Jamaican stocks rose almost 300 percent.

Jamaica’s rally was driven by growing confidence in the country’s economic reform programme, falling inflation and interest rates, improving corporate profits and a steady stream of new listings especially on the Junior Market.

In other words, Jamaica had what Nigeria has now: improving economic confidence, attractive listed companies, increasing retail participation and a strong belief that prices could keep rising.

But Jamaica’s market today looks very different.

The JSE has shown some recovery in 2026, with the Main Market gaining 11 percent during the first half of the year.

However, the improvement has not been evenly shared. The Junior Market has remained significantly weaker, losing about 9 percent since the start of the year.

Jamaica is also operating in a higher-interest-rate environment than it was during the boom years. Investors can now earn more from government securities and other fixed-income investments, reducing the urgency to take risks in stocks.

There have also been fewer major IPOs capable of attracting large numbers of new investors.

So, could Jamaica become number one again? Possibly.

The upcoming Micro Market may help bring smaller companies and new investors onto the exchange. But to recreate the energy of 2015 and 2018, Jamaica will likely need more than a new market category.

It will need strong company earnings, credible new listings, greater liquidity and a reason for investors to believe that buying shares offers better opportunities than holding cash or fixed-income securities.

And that’s the bottom line. 

So what do you think? Can the JSE rebound to 2018 levels? And would you invest in Nigeria?