THEME: Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade.
DATE: JUNE 5, 2025

PROTOCOL
Your Excellency, the Executive Governor of Kano State, Abba Kabir Yusuf;
His Royal Highness, the 14th Emir of Kano, Sanusi Lamido Sanusi;
The Honorable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole MFR;
The Honorable Minister of State for Finance, Dr. Doris Anite Uzoka;
Distinguished Captains of Industry, Fellow Business Leaders, Policymakers, and Champions of Nigeria’s Economic Transformation;
Ladies and Gentlemen.

It is both a privilege and a duty to stand before you today in Kano—a city whose commercial vibrancy and historical legacy continue to inspire Nigeria’s entrepreneurial identity. This ancient center of commerce and trade reminds us that economic transformation is not new to Nigeria. What is new is the scale of opportunity before us and the sophisticated tools available to seize it.

Our gathering today on the theme “Reimagining Nigeria’s Economy for a Prosperous Future” could not be more timely. As we navigate an increasingly complex global economic environment, it becomes clear that traditional approaches alone will not deliver the scale of transformation Nigeria needs. What is required is bold innovation, strategic partnerships, and—critically—a robust capital market capable of mobilizing domestic and international capital at unprecedented scale.

Over the decades, Nigeria’s economic trajectory has been shaped by global market shifts, domestic policy experiments, and most importantly, by the resilience of its people. Today, we find ourselves at a critical juncture—recovering from periods of volatility, recalibrating our priorities, and setting our sights on transforming Nigeria into a $1 trillion economy.
But as history has shown across the globe, no country has made the leap to economic prosperity without a vibrant and inclusive capital market at its core. When we examine successful economic transformations across markets such as South Korea, Singapore, and Rwanda, one consistent factor remains: the presence of deep, liquid, and accessible capital markets that serve as engines of sustained growth.

WHERE WE WERE
When I assumed office as Chairman of the NGX Group in October 2022, one of my targets was to deepen and broaden our market, and its a goal that we have been working towards assiduously. On that 5th day of October, 2022, the All Share Index was 48,837 basic point and market capitalization was N26.375 trillion. As at the end of May 2025, the ASI closed at 111,742 basis point and market capitalization was N70.463trillion. So, we have made some progress by more than doubling the indices of our market over the last couple of years. However, our current goal is even more ambitious. When President Tinubu revealed his vision for Nigeria to grow its GDP to at least one trillion dollars by 2030, we keyed into that vision and are determined that the capital market will be at the centre of that drive to a trillion-dollar economy and that our indices will grow in tandem with that vision.

Why is a much bigger Nigerian capital market an imperative? A thriving capital market encourages the savings and investment that are key to rapid economic growth. It helps to finance much needed infrastructure as it matches long term funds with projects that need long term finance. A bigger capital market will encourage formalization and proper structuring of businesses which will in turn aid better performance and enable such businesses contribute in measurable ways to the Nigerian economy. Above all, a nation’s capital market should mirror its economic potential, but that has not been the case in Nigeria where huge chunks of the economy are unrepresented or underrepresented in the capital market. Our market capitalisation is less than 20% of Nigeria’s GDP. Compare that to South Africa where the market capitalization of the Johannesburg Stock Exchange exceeds the GDP of the country.

WHERE WE ARE?
So, what are we doing and what more can we do to expand our capital market. We are working in conjunction with our regulators, especially the Securities and Exchange Commission, to make our market more efficient and transparent. Such efforts are in the areas of dematerialisation of share certificates, clearing the unpaid dividend backlog and shortening time to market of primary issues. Just this week, SEC announced a reduction in clearing days for secondary market transactions to a T+2, a move that will enhance efficiency and liquidity in the capital market.
We are pursuing new listings in the public sector, oil and gas and other sectors. The government has affirmed its commitment to sell a stake in NNPC Limited and we are confident of listing Dangote Petrolchemicals very soon. These are transactions that will increase our market capitalisation geometrically and attract many local and foreign investors to invest in the market.

We are introducing digital and technological innovations to attract our youth base who are used to doing everything on their mobile devices. We took a huge step in this direction last year by launching our NGX Invest, a digital platform for primary market offers which has been very useful for the ongoing banking recapitalisation. We are enhancing the professionalism and skills of our trading license holders through regular training courses at our X Academy and at the same time engaging in financial literacy outreaches to students, corpers and the younger generation.

The capital market community is also making engagements with wholesale investors such as pension fund administrators and mutual funds to increase their stake in the market and at the same time engaging in product development to meet the needs of such sophisticated investors. In recent years, we have introduced exchange traded funds, derivatives, ethical funds, and more fixed income products. There are sections of the capital market that offer commodities and currency forwards. We are also part of an ongoing initiative to link African Exchanges across borders so that a Nigerian investor can buy shares of a company listed on the Ghana Stock Exchange from his broker in Nigeria and vice versa.

In this and many other ways, we are working to have a capital market that is broader, deeper, more liquid and more sophisticated and that meets the needs of Nigerian and global investors.

There are of course challenges such as the decline in the disposable income of Nigerians, poor infrastructure that slows our technological innovations and the ripples to the global economy caused by the current US administration, but we are confident that these can be overcome and that we will meet our goal of a much bigger capital market that Nigeria deserves before the decade runs out.

SUMMARY
In conclusion, the capital market is more than a platform for buying and selling securities, it is a powerful engine of national development. It mobilizes long-term capital for governments and businesses, provides transparent and accountable investment channels, and inspires confidence from both domestic and foreign investors.
International confidence in Nigeria’s markets continues to strengthen. Foreign direct investment rose from $1.87 billion in 2023 to $2.6 billion by mid-2024. Even more striking, foreign portfolio investment surged by 126.8% in 2024, reaching ₦396.41 billion, up from ₦174.82 billion in 2023. Our market capitalization has increased to over ₦121 trillion as of May 30, 2025, with equity and bond markets valued at over ₦70 trillion and ₦50 trillion respectively.
These numbers are not mere statistics; they reflect rising investor confidence and a market becoming increasingly integrated into the real economy.

a. Democratizing Capital Access
To unlock national prosperity, we must broaden participation in wealth creation. At NGX Group, we are transforming spectators into stakeholders through innovative digital platforms and targeted financial literacy initiatives.

Our most significant intervention in this regard is NGX Invest, a digital offering platform that enables Nigerians, whether they live in Lagos or Lafia, Kano or Rivers, to invest in public offers and rights issues directly from their smart devices. This platform has facilitated over ₦2 trillion in capital raises, particularly supporting the banking recapitalization effort while ensuring that wealth creation opportunities are no longer the exclusive preserve of institutions.

b. Infrastructure Development and Financing
Nigeria faces a critical infrastructure deficit, requiring an estimated $3 trillion over the next 30 years to bridge this gap. Traditional government funding and international development finance alone cannot meet this challenge. We must create innovative capital market instruments that attract pension funds, insurance companies, and institutional investors to infrastructure projects.

c. Supporting SMEs and Technology Enterprises
Small and medium enterprises constitute over 90% of Nigerian businesses but receive less than 10% of formal sector credit. This disconnect represents a massive opportunity for innovation. Through our NGX Growth Board and Technology Board, we provide dedicated platforms that support high-growth SMEs and early-stage tech companies to raise capital and access broader investor bases.

d. Green Finance and Sustainable Development
The global economy is accelerating towards sustainability and Nigeria must lead this transition, not follow. Through our NGX Impact Board, we offer instruments such as green bonds and sustainability bonds, directing climate-aligned capital toward building long-term resilience. This positions Nigeria to seize opportunities from the $23 trillion global climate investment surge over the next decade.

e. Harnessing Diaspora Capital
The Nigerian diaspora contributes over $20 billion in annual remittances, an untapped reservoir of capital that can be mobilized for nation-building. Our capital market provides the transparent, professionally managed vehicles required to convert diaspora wealth into scalable economic impact.

We at NGX are committed to strengthening investor protection and market integrity. Through our subsidiaries, we have elevated standards of transparency and corporate governance in our market.

In March 2025, President Bola Tinubu signed into law the Investments and Securities Act (ISA) 2025, replacing the 2007 Act. This legislation introduces a compensation fund for investors, aligns Nigeria’s capital market with international standards, and unlocks new opportunities across digital assets, green bonds, sustainability-linked bonds, and sukuk.
This sends a powerful message: Nigeria is open for investment, and our capital market is credible, responsive, and globally benchmarked.

PRODUCT DIVERSIFICATION AND INNOVATION
We recognize that the modern economy is evolving, and our capital market must reflect this reality. We have broadened our product offerings from traditional equities and bonds to include ETFs, exchange-traded derivatives, and Sukuk. Our thematic listing platforms—the Technology Board, Growth Board, and Impact Board—are tailored to support high-growth sectors that will define Nigeria’s economic future.

THE VISION FOR 2030
By 2030, Nigeria’s capital market will be positioned to achieve a significantly increased market capitalization-to-GDP ratio beyond the current 23.3%. This transformation will create wealth for millions of Nigerian investors while providing capital for sustainable economic development.

The path forward requires unprecedented collaboration between public and private sectors. Government must create enabling policies that incentivize long-term investment while maintaining fiscal discipline. Private sector leaders must embrace transparency and governance standards that build investor confidence.

CONCLUSION
As we plan the next decade, we must hold ourselves to higher standards. Let us build institutions that outlast individuals. Let us craft policies that invite capital, not repel it. Let us ensure that our markets reward innovation, discipline, and value creation.
In reimagining Nigeria’s economy, we must also reimagine the role each of us plays; government as an enabler, business as a catalyst, and the capital market as a bridge that connects dreams with opportunity.

The Nigerian Exchange Group stands ready to partner with government, businesses, and international investors to build the capital market infrastructure that Nigeria deserves. We have the expertise, the technology, and most importantly, the determination to make this vision reality.

What will drive Nigeria’s future is leadership, collaboration, and the courage to imagine differently. This summit brings all these together, business, government, civil society, united by a common love for country and a shared belief in Nigeria’s potential.

Thank you for your attention. May this summit move us closer to the prosperous future we all envision. And may the love of country continue to inspire us to do more, together.
God bless you, and God bless the Federal Republic of Nigeria.

 

ALHAJI (DR) UMARU KWAIRANGA
GROUP CHAIRMAN, NGX GROUP