Chairman of the Nigerian Exchange Group (NGX), Dr. Umaru Kwairanga, has underscored the pivotal role of a vibrant capital market in driving Nigeria’s economic growth and achieving the federal government’s ambitious $1 trillion GDP target by 2030.
Speaking at the “For the Love of Our Country (FLOC) 2025” symposium held at Bayero University Kano (BUK), Kwairanga noted that the Nigerian capital market has recorded exponential growth since he assumed office in 2022.
Delivering a keynote address themed “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade,” he revealed that the All Share Index (ASI) had surged from 48,837 points to 111,742 points, while market capitalisation rose from ₦26.4 trillion to ₦70.5 trillion as of May 2025.
With the bond market included, Nigeria’s total market capitalisation has now surpassed ₦121 trillion.
“We’ve more than doubled both equity and bond market indices in just over two years. But we aim higher—towards a capital market that drives Nigeria into a $1 trillion economy,” Kwairanga stated.
He stressed that a well-functioning capital market is essential for long-term infrastructure financing, formalising businesses, and reflecting Nigeria’s economic potential. However, he expressed concern that the country’s market capitalisation remains below 20% of GDP, in stark contrast to South Africa’s JSE, which exceeds its GDP.
To bridge this gap, Kwairanga outlined ongoing reforms and innovations by NGX and the Securities and Exchange Commission (SEC), including:
- Dematerialisation of share certificates
- Clearing backlogs of unpaid dividends
- Reducing transaction clearing time to T+2
- Boosting investor confidence through transparency
He also cited upcoming major listings such as NNPC Ltd.’s planned stake sale and the anticipated listing of Dangote Petrochemicals, both expected to significantly enhance market depth and liquidity.
Digital innovation is also at the forefront of NGX’s strategy. The launch of NGX Invest, a digital platform for accessing primary market offers, and targeted financial literacy programs for students, youths, and NYSC members were highlighted as efforts to attract younger investors.
Kwairanga also spoke of advanced financial products in the pipeline, including exchange-traded funds (ETFs), derivatives, and ethical investment instruments, along with partnerships with institutional investors like pension fund administrators and mutual funds.
On regional integration, he revealed plans to link Nigeria’s capital markets with other African exchanges, enabling cross-border trading, such as Nigerian investors accessing Ghanaian stocks and vice versa.
Despite hurdles such as reduced disposable income, infrastructural challenges, and global uncertainties, Kwairanga remains optimistic.
“We are confident that before the end of this decade, Nigeria will have the broader, deeper, and more sophisticated capital market it truly deserves,” he affirmed.
