Nigeria’s capital market rally signals new growth era, NGX Group chairman tells global investors

Nigeria’s economic reform story took centre stage in London last week, as the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, declared that the country has moved from a period of economic stabilisation into a phase of aggressive capital mobilisation, underpinned by sweeping reforms and renewed investor confidence.

Speaking at the Africa Capital Forum, held at the Peninsula London, Kwairanga said Nigeria’s economy has begun a steady recovery after years of macroeconomic strain marked by foreign exchange scarcity, weak manufacturing output, and overdependence on crude oil revenues.

He credited the turnaround to the reform agenda of President Bola Tinubu, noting that difficult policy choices taken in the early days of the administration are now yielding measurable gains across key economic indicators.

According to him, the Nigerian capital market has emerged as a major beneficiary of the reforms, delivering one of the most striking recovery stories on the continent.

“The market has not only stabilised, but it has also grown tremendously,” Kwairanga said, citing a surge in the All-Share Index from 55,808 at the start of the administration to over 201,000 points, a more than two-hundred-and-sixty percent increase. Market capitalisation also jumped from about N30 trillion to over N129 trillion, while trading activity has quadrupled over the period.

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The NGX chairman described the rally as a clear reflection of renewed investor confidence and improving macroeconomic fundamentals, adding that the market is poised for stronger growth.

He disclosed that plans are underway to triple capital market indices within the next two years, driven by a pipeline of major listings, including the much-anticipated listing of the Dangote Refinery and Petrochemical Complex.

Kwairanga also aligned the capital market’s growth trajectory with the administration’s broader ambition of expanding Nigeria into a $1 trillion economy by 2030, stressing that achieving the target would require significant domestic and foreign capital inflows.

“We are encouraging global investors to see Nigeria not just as an opportunity, but as a safe haven for investments in Africa,” he said.

Two days later, at the Nigeria Infrastructure Investment Forum, hosted at Standard Bank’s international headquarters, Kwairanga doubled down on his investment pitch, this time spotlighting infrastructure as the missing link in Nigeria’s growth equation.

Addressing global financiers alongside senior government officials, including the Minister of Industry, Trade and Investment, Jumoke Oduwole, he outlined Nigeria’s competitive advantages, pointing to its vast natural resources and youthful, educated population as critical growth drivers.

However, he warned that without world-class infrastructure spanning roads, ports, rail networks, and power systems, the country’s full economic potential would remain constrained.

Kwairanga likened investment opportunities in Nigeria today to early-stage investments in China during the 1980s, arguing that returns could be “many folds” once the country successfully combines its resource base, human capital, and improved infrastructure.

“We are not asking for freebies,” he told investors. “We are offering an opportunity to be part of the growth engine of the twenty-first century.”

He emphasised that the ongoing reforms under the Tinubu administration have laid the groundwork for sustained growth, citing improved policy clarity, stronger regulatory frameworks, and a renewed sense of economic direction.

With Nigeria seeking to position itself as Africa’s next economic powerhouse, Kwairanga urged global investors to key into what he described as a historic transition moment.

“I invite you to be part of Nigeria’s turnaround story,” he said. “The foundation has been laid. The opportunity is now.”