NGX Chairman, Umaru Kwairanga charts bold vision for Nigeria’s $1tn economy
Nike Popoola
The Group Chairman of NGX Group, Alhaji Dr. Umaru Kwairanga, has reaffirmed the pivotal role of Nigeria’s capital market in driving economic transformation.
He spoke during his keynote address at the ‘For the Love of Our Country’ (FLOC) 2025 Symposium held at Bayero University, Kano.
Speaking on the theme, “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade,” Dr. Kwairanga highlighted impressive market growth since he assumed office in October 2022. According to him, the NGX All Share Index rose from 48,837 to 111,742 basis points, while total market capitalisation surged from ₦26.375 trillion to over ₦121 trillion (including bonds) by May 2025.
“These figures show progress, but we are far from our destination,” he said, aligning NGX Group’s vision with President Tinubu’s $1 trillion GDP ambition by 2030. “We are committed to ensuring the capital market is at the heart of this economic leap,” he added.
Dr. Kwairanga emphasized the vital role of a deep and liquid capital market in mobilising long-term investments for infrastructure and national growth. He lamented that Nigeria’s capital market currently represents less than 20% of the GDP, far behind peers like South Africa.
To change this, he outlined several reforms, including digital innovation through NGX Invest, enhanced regulatory collaboration, reduction in transaction clearing days to T+2, and imminent listings such as Dangote Petrochemicals and NNPC Ltd.
He also spoke about efforts to attract youth investors, promote financial literacy, and integrate African exchanges, enabling cross-border trading between countries like Nigeria and Ghana.
While acknowledging economic challenges, including reduced disposable income and global economic headwinds, Dr. Kwairanga expressed optimism. “We remain focused and confident that Nigeria will have the robust capital market it deserves by the end of this decade,” he concluded.
