NGX Group to drive Nigeria’s $1 trillion economy vision – Kwairanga

By Abbas Nazil
The Chairman of the Nigerian Exchange Group (NGX), Alhaji Dr. Umaru Kwairanga, has reaffirmed the commitment of the capital market to drive Nigeria’s economic growth, aligning with President Bola Ahmed Tinubu’s vision of achieving a $1 trillion GDP by 2030.
Speaking at the 2025 edition of the “For the Love of Our Country” (FLOC) symposium held at Bayero University, Kano on June 5, Dr. Kwairanga outlined key achievements, challenges, and future plans aimed at deepening and expanding the Nigerian capital market.
Recalling his assumption of office in October 2022, Dr. Kwairanga highlighted the remarkable growth in market performance over the past two and a half years.
At that time, the All Share Index (ASI) stood at 48,837 basis points with a market capitalization of ₦26.375 trillion.
By the end of May 2025, the ASI had soared to 111,742 basis points, and market capitalization had reached ₦70.463 trillion.
Including bonds, the overall capital market valuation has climbed to over ₦121 trillion, with the equity and bond segments valued at ₦70.463 trillion and ₦50.577 trillion, respectively.
Despite these gains, the NGX Chairman stressed that the current goal is more ambitious: to align market growth with national economic targets and ensure that the capital market plays a central role in achieving a trillion-dollar economy.
He described the capital market as a vital engine for sustainable economic growth, facilitating savings, long-term investments, infrastructure financing, and business structuring, all of which can drive measurable national development.
Dr. Kwairanga lamented that Nigeria’s market capitalization remains less than 20% of its GDP, a stark contrast to countries like South Africa where market capitalization surpasses national GDP.
He emphasized the need to bridge this gap by expanding market participation and increasing the representation of various economic sectors.
Ongoing efforts, he said, include improving market efficiency through collaborations with regulators such as the Securities and Exchange Commission (SEC).
Initiatives such as the dematerialization of share certificates, addressing unpaid dividends, shortening timelines for primary issues, and the recent reduction in transaction settlement to T+2 are expected to enhance liquidity and transparency.
He also revealed plans to list major public sector entities, including a stake in NNPC Limited and Dangote Petrochemicals, which are expected to significantly boost market capitalization and attract both local and international investors.
In addition, the NGX Group is leveraging technology to engage Nigeria’s youth through digital tools like the NGX Invest app and is promoting financial literacy through outreach programs and training for trading professionals.
Further strategies include attracting institutional investors like pension fund administrators, introducing diverse investment products such as ETFs, derivatives, and ethical funds, and integrating African stock markets to enable cross-border trading.
Acknowledging challenges like reduced disposable income, poor infrastructure, and global economic volatility, Dr. Kwairanga expressed optimism that these can be overcome.
He concluded by affirming the NGX Group’s unwavering commitment to building a more inclusive, liquid, and globally competitive capital market that reflects Nigeria’s true economic potential before the end of the decade.