Research Alpha fund, a globally acclaimed fund manager has adjudged Nigeria as having the world’s best equity set-up following comprehensive economic reforms that are beginning to deliver tangible results.

Founder of Research Alpha Fund and a veteran Asia-Pacific investor with nearly four decades of experience in emerging markets, Michael McGaughy, has identified Nigeria as offering unprecedented investment opportunities comparable to Indonesia following the Asian Financial Crisis.

His fund, which has generated a +130 per cent return since inception, has been positioned in Nigerian equities since 2017 and is now witnessing the fruits of patient capital deployment.

According to McGaughy, in an interview with Asian Century Stocks, Nigeria’s transformation began with President Bola Tinubu’s inauguration approximately two years ago, which triggered “far-reaching reforms, including freeing the currency, ending petrol subsidies, and deregulating electricity generation and distribution”.

The reforms have been particularly significant in addressing long-standing structural issues. The launch of the massive Dangote refinery is set to end the foreign exchange-draining practice of exporting crude oil while importing refined products.

“It is big enough to supply all of West Africa so the country could start exporting refined products very soon,” McGaughy observed, highlighting the facility’s potential to transform Nigeria into a regional energy hub.

Central to Nigeria’s economic turnaround has been the appointment of Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, who recently emerged as the Central Bank Governor of the Year at the 2025 African Banker Awards for his role in “steering monetary and regulatory reforms that have restored stability and confidence in Nigeria’s financial system”, he said.

McGaughy reported that the country’s all-share index has gained nearly 18 per cent year-to-date despite weak oil prices affecting Nigeria’s largest export commodity.