Kwairanga calls for stronger Africa capital market integration at Nairobi Securities Exchange meeting
Nike Popoola
The Group Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, has called for deeper collaboration among African capital market operators to strengthen market integration, improve liquidity, and enhance the global competitiveness of African exchanges.
Kwairanga made the remarks during a bilateral meeting with the Chairman of the Nairobi Securities Exchange, Mr. Kiprono Kittony, where both parties discussed strategic opportunities for cooperation between West and East African capital markets.
In his report made available to Dailyeconomy, he expressed appreciation for the engagement, describing the Nairobi Securities Exchange as one of Africa’s leading capital market institutions and a key gateway to East African capital flows. He stressed that sustained peer-level engagement among African exchange leaders has become increasingly important in light of ongoing economic integration and capital market modernization across the continent.
According to him, stronger collaboration among African exchanges is no longer aspirational but necessary to deepen market structures and improve competitiveness globally.
Kwairanga highlighted recent positive developments in Nigeria’s capital market, noting strong performance over the past two years driven by banking sector recapitalisation, macroeconomic reforms, and improving investor confidence. He added that the NGX All-Share Index has ranked among the world’s top-performing equity indices, reflecting renewed domestic and international investor interest.
He also referenced the recent decision by FTSE Russell to reclassify Nigeria to Frontier Market status effective September 2026, describing it as a significant milestone expected to attract increased international investor participation and capital inflows.
The NGX Group Chairman further outlined ongoing transformation efforts within the exchange group, including technology modernisation, market development initiatives, sustainability leadership, and regional partnerships.
On areas of collaboration, Kwairanga and stakeholders discussed cross-border listings and capital formation, exploring stronger frameworks between NGX and the Nairobi Securities Exchange to enable issuers access to deeper capital pools across both regions. They also considered efforts to attract African multinationals and high-growth companies to list on African exchanges rather than offshore markets.
Other areas of discussion included product innovation such as exchange-traded funds, derivatives, and fixed income instruments, as well as the development of pan-African investment products to enhance diversification opportunities.
The meeting also touched on technology and market infrastructure, including trading systems, cybersecurity, surveillance mechanisms, and the growing importance of market data services. Sustainability and ESG standards, investor education, and retail participation were also highlighted as key priorities for both exchanges.
Kwairanga referenced continental initiatives such as the African Continental Free Trade Area (AfCFTA) and the African Exchanges Linkage Project, noting that deeper cooperation among exchanges would be critical in mobilising domestic capital and reducing dependence on external markets.
He also reaffirmed NGX Group’s support for broader engagement through the African Securities Exchanges Association and other continental platforms.
The meeting concluded with a proposal for working-level engagement teams to identify actionable collaboration opportunities, as well as plans for future bilateral engagements and joint initiatives at regional and international capital market events.
Both parties reaffirmed their commitment to building more integrated, resilient, and globally competitive African capital markets.
