The Nigerian Exchange Group (NGX) says it is working diligently to ensure the Nigerian capital market plays a key role in realising President Bola Tinubu’s vision of a $1 trillion economy by 2030.
Dr. Umaru Kwairanga, Chairman of the NGX, disclosed this during an interview with the News Agency of Nigeria (NAN) on Tuesday. He stated that the NGX is strategically positioning the market to support economic transformation through targeted initiatives.
These initiatives include expanding retail investor access, strengthening market oversight, and diversifying capital formation.
“The Nigerian capital market has keyed into President Bola Tinubu’s vision for Nigeria to achieve a one trillion dollar economy by 2030 and has been making efforts to ensure that the vision is realised,” Kwairanga said.
He cited the group’s active participation in President Tinubu’s engagements with global investors as a concrete example. “I was in New York last year with the President, where we met with foreign investors at Nasdaq. It was a very successful outing,” he noted.
Kwairanga added that he also joined the Central Bank Governor in the U.S. last month to engage potential investors and members of the Nigerian diaspora.
He stressed that no country can achieve sustainable economic transformation without a vibrant and inclusive capital market. The capital market, he said, plays a fundamental role in mobilising long-term capital, providing transparent investment platforms, and promoting investor confidence.
“Countries that have crossed key economic thresholds have relied on robust capital markets to allocate resources efficiently,” he said, highlighting the market’s role in bridging fund providers with institutions in need of capital for growth and expansion.
Kwairanga pointed out that the Nigerian capital market has already contributed to GDP growth by funding critical infrastructure in sectors like power, telecommunications, and transportation through various equity and debt instruments.
“A recent example was the Federal Government’s seven-year sukuk for road infrastructure, which witnessed huge oversubscription,” he said.
He also noted that the capital market is actively supporting technology startups through private equity and public market listings. This, he said, boosts productivity, creates jobs, and enhances enterprise value—all of which feed into GDP growth.
Kwairanga commended President Tinubu for bold economic reforms that have revived investor confidence. He highlighted the removal of fuel subsidies, which freed up over $10 billion annually, and exchange rate unification, which restored credibility to Nigeria’s foreign exchange market.
He also praised the enactment of the Investments and Securities Act (ISA) 2025, the first major legal update in nearly two decades, which enhances investor protection. The formal adoption of Nigeria’s AfCFTA tariff schedule was also lauded for strengthening regional trade access.
“These reforms have sent strong signals to investors,” Kwairanga said. “Since mid-2023, Nigeria has attracted over $50 billion in FDI commitments.”
He added that foreign portfolio investment through the capital market surged by 126.8 per cent—from N174.82 billion in 2023 to N396.41 billion in 2024—while foreign direct investment rose from $1.87 billion to $2.6 billion in the same period.
