On the back of resurgent oil prices, the Global X Nigeria Index ETF (NYSArca: NGE) is up more than 18% this year. Nigeria is one of Africa’s largest oil producers and a member of the Organization of Petroleum Exporting Countries (OPEC).

Nigeria previously suffered through a downgrade from ratings agency Standard & Poor’s and the central bank’s decision to abandon its currency peg. The actions may be traced back to the extended weakness in oil market, which the country relies on with its heavy exports. However, the stabilizing oil prices are beginning to help support the economy. Nigeria is classified as a frontier market by the major index providers.

“Net foreign inflows to Nigerian equities totaled 337 billion naira ($940 million) last year, the first time flows have been positive since at least 2013,” reports Bloomberg. “December was the best month since Bloomberg started compiling data at the beginning of 2014, with net inflows of 140 billion naira, signaling a switch in sentiment toward equities in Africa’s biggest oil producer.”

The global market has suffered through a supply glut, but the Organization of Petroleum Exporting Countries and its allies have taken steps to rein in the oversupply. Recently, the United Arab Emirates, Saudi Arabia and Venezuela all reported lower monthly output.

For its part, OPEC remains concerned about the level of production by U.S. shale producers and the cartel is urging its U.S. rivals to pare output to support prices. According to the Energy Information Administration, crude oil product could hit 9.9 million barrels per day in 2018, which surpasses the prior high reached in 1970 of 9.6 million barrels per day.

“The turnaround has seen investors pile into the New York-based Global X MSCI Nigeria ETF this year, too. That’s increased the exchange-traded fund’s market capitalization to almost $100 million, triple the size of a year ago,” according to Bloomberg.

NGE tracks the MSCI All Nigeria Select 25/50 Index. As of Jan. 26th, the ETF had $96.6 million in assets under management. At the end of the fourth quarter, NGE held 21 stocks, over 91 percent of hailed from the financial services and consumer staples sectors.

For more information on the developing economies, visit our emerging markets category.