NGX Chairman Urges African Capital Markets Integration to Unlock Economic Prosperity -

The Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has called for deeper integration of African stock exchanges, increased listings and stronger domestic investment to unlock Africa’s economic potential.

Kwairanga said integrated capital markets would expand investment opportunities, improve business access to capital and help mobilise resources for infrastructure, manufacturing, agriculture and technology.

He spoke on Tuesday in Abuja at the Oxford Global Think Tank 2026 Conference themed “Leadership for a Prosperous Future”. The conference was convened by Ms. Arunma Oteh. The panel featuring Kwairanga was moderated by Nancy Illoh Nnaji of Africa Independent Television (AIT), with Chuka Eseka and Kemi Awodein as fellow panellists.

Kwairanga attributed Africa’s low share of global market capitalisation to the youth and fragmentation of its exchanges, which are confined within national boundaries, limiting depth, size and capacity to absorb large capital flows.

He listed other constraints as capital flight, weak institutions, limited investment products, low penetration of collective investment schemes and shortage of strong listed companies.

He urged African leaders to better communicate the continent’s investment opportunities, stem capital flight, strengthen governance and transparency, and promote entrepreneurship.

On mobilising domestic savings, Kwairanga said restoring investor confidence through professionalism, integrity, transparency and adequate disclosure was critical. He called for development of more attractive products and listing of viable companies, citing the excitement generated by the Dangote Refinery IPO as proof that big-ticket offerings stimulate the market.

He disclosed that NGX is deploying user-friendly digital channels to make investing more accessible, especially for young Nigerians, while intensifying investor education to guide retail investors and curb Ponzi schemes.

To encourage long-term investments, he advocated policies to raise incomes, tame inflation, make savings attractive, and deepen financial inclusion by the Central Bank of Nigeria to expand the investor base. He also called for fiscal incentives for capital market participants, noting that pension reforms show how policy can spur investment.

For the next three years, Kwairanga identified accelerated integration of African markets as a priority, citing the African Exchanges Linkage Project (AELP) as a vital platform for cross-border trading. He said improved regulatory cooperation, modern infrastructure and stronger investor confidence would help African markets mobilise capital for development.

He further called for more quality listings, urging policies that encourage enterprises to formalise and access market financing, and expressed optimism that a revival of the privatisation programme, which boosted the market in the early 2000s, would drive fresh growth.