NGX chair woos global investors to Nigeria’s capital market

The Chairman of NGX Group, Umaru Kwairanga, has urged global investors to take advantage of Nigeria’s rapidly expanding capital market, citing improved economic stability and strong market performance.

Kwairanga made this call on Tuesday, March 17, 2026, while speaking at the Africa Capital Forum themed _‘From Stabilisation to Capital Mobilisation.’  _

The forum was convened in partnership with the Central Bank of Nigeria and key institutional partners, alongside the UK state visit of Bola Ahmed Tinubu.

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He highlighted that Nigeria’s economy has entered a phase of stability following years of volatility, creating opportunities for investors to participate in the country’s capital market growth.

**What the NGX chair is saying **

Kwairanga said Nigeria has moved from economic instability to a phase of steady growth, positioning its capital market as a viable destination for both local and foreign investments.

According to him, reforms introduced by the current administration have restored investor confidence and driven significant improvements across key market indicators.

• _“After several long years of strained finances… the first term of President Bola Ahmed Tinubu has brought a much-needed turnaround… Nigeria’s economy has stabilised and has started to grow steadily again,” he said. _

He added that the capital market has not only stabilised but also recorded substantial growth, reflecting the broader economic recovery.

• _“In the case of the Nigerian capital market, we have not only stabilised, but we have also grown tremendously,” Kwairanga stated. _

**More insights **

Providing further details, Kwairanga noted that the Nigerian stock market has recorded significant gains since 2023, when President Tinubu assumed office.

• He said the All-Share Index rose from 55,808 to over 200,000 points, marking a 261% increase, while market capitalisation grew from N30.38 trillion to N129.32 trillion, representing a 325% surge.
• Trading volumes and value also increased fourfold within the period.

These gains come amid major economic reforms implemented by the Tinubu administration, including the removal of fuel subsidy and the unification of multiple exchange rates—measures aimed at stabilising the economy and improving transparency.

• However, some reports have pointed to the short-term impact of these reforms on citizens. A recent study by Agora Policy indicated that Nigeria’s poverty rate rose significantly, from about 49.8% to roughly 63%, even as macroeconomic indicators improved.

Kwairanga acknowledged that the reforms came with temporary challenges for Nigerians.

• _“It took some tough decisions and impacted the lives of all Nigerians in the short term,” he said. _

Despite this, he expressed confidence in the long-term outlook, noting that the exchange is targeting further growth, including major listings such as the Dangote Refinery, and aligning with the government’s ambition of building a $1 trillion economy by 2030.

**What you should know **

The NGX Group is also pursuing internal reforms aimed at boosting investor confidence and deepening market participation.

On March 16, Nairametrics reported that Nigeria’s capital market regulators had begun reviewing free-float requirements for listed companies to improve liquidity and attract more investors. The exchange confirmed that discussions are ongoing with the Securities and Exchange Commission to reassess existing rules.

• _“This includes assessing how we optimize existing free-float levels, ensuring the accuracy of free-float data captured by the exchange and evaluating whether current free-float requirements remain appropriate as the market evolves,” said Temi Popoola, Chief Executive Officer of NGX Group. _
• _“All of these efforts form part of our broader objective of deepening the market and ensuring that its structure continues to support growing investor participation.” _

In a related development, Nairametrics reported on March 17 that market capitalisation rose to N130.02 trillion from N129.3 trillion, with a total of 62,654 deals executed during the trading session, underscoring sustained investor activity in the market.