Nigeria's stock market offers opportunities even after a 64% rally that's made it the world's best performer after South Korea, according to a fund manager with T. Rowe Price Group Inc. Johannes Loefstrand, who manages about $300 million in frontier market assets at T. Rowe Price, said he's "excited" about the prospects of Africa's most-populous nation.

In dollar terms, the NGX All Share Index has outpaced all global indexes except the Kospi this year, according to data from the 92 benchmarks tracked by Bloomberg. The strong performance underscores growing investor confidence in Nigerian equities despite macroeconomic challenges.

Loefstrand's bullish stance suggests the rally may have further room to run, with frontier market allocations potentially increasing as global investors seek yield in underpenetrated markets. The Bloomberg report was authored by Mpho Hlakudi and Jennifer Zabasajja.