NGX Chairman leads delegation to Brazil’s Stock Exchange for strategic collaboration
In a landmark engagement aimed at fostering global partnerships and boosting market development, the Chairman of the Nigerian Exchange Group (NGX), Alhaji (Dr) Umaru Kwairanga, led a high-powered delegation to the headquarters of the Brazil Stock Exchange and Over-the-Counter Market (B3) in São Paulo, Brazil.
A statement today said the visit, which took place at the iconic B3 Exchange building, brought together top executives from both exchanges for a strategic board-level interaction focused on deepening collaboration, knowledge sharing, and exploring areas of mutual growth.
In his opening remarks, Dr. Kwairanga lauded Brazil for its economic resilience and industrial leadership in South America, while highlighting the striking similarities between Nigeria and Brazil in terms of population diversity, abundant natural resources, and the critical role of public and private sector enterprises in driving their respective economies.
“Nigeria, like Brazil, is blessed with a hardworking and youthful population and an abundance of natural resources. While we are proud of our achievements, we believe there is so much more we can achieve by learning from more mature markets like B3,” he stated.
Dr. Kwairanga highlighted the evolution of the Nigerian Exchange Group from a mutual organisation to a for-profit public company just four years ago, a transformation that has presented both opportunities and challenges in areas like governance, technology, regulation, market expansion, and profitability.
Acknowledging B3’s century-long history and its impressive market capitalisation of approximately $1tn, the NGX Chairman said, “We admire B3’s ability to continuously evolve through innovation and regulatory upgrades, and we believe there is great potential for synergy between our two institutions.” added. “In this fast-evolving, borderless financial world, collaboration will determine the future of exchanges like ours,” he added.
Dr. Kwairanga emphasized that the NGX is committed to expanding its product offerings, attracting more listings, and leveraging global partnerships to multiply its current market capitalization, which stands at nearly 100 trillion Naira with over 400 listed companies and securities.
The meeting concluded with an agreement to explore specific areas of partnership, particularly in technology, regulatory frameworks, and capital market innovation, with further discussions and technical exchanges planned for the near future.
