The Chairman of Nigerian Exchange (NGX) Group, Alhaji (Dr) Umaru Kwairanga, has recognized the integration of African capital markets as the reform he would prioritise over the subsequent three years to strengthen cross-border funding.
Kwairanga made the remarks on the Oxford Global Think Tank 2026 convention in Abuja, themed Leadership for a Prosperous Future, which was convened by Arunma Oteh, former Director General of Nigeria’s Securities and Exchange Commission (SEC).
Speaking on a panel session, he mentioned stronger hyperlinks between African exchanges would assist companies entry a wider pool of traders.
Kwairanga pushes African market integration:
Kwairanga mentioned Africa has vital funding alternatives in infrastructure, manufacturing, agriculture and know-how, however its capital markets want stronger connections to finance them.
He recognized regional integration as his foremost reform priority, arguing that African capital ought to be capable to help funding alternatives past nationwide borders.
- “Our priority would be to accelerate the integration of African capital markets and strengthen their capacity to mobilise investment across the continent,” he mentioned.
- “We must create stronger connections between our markets so that businesses can access a wider pool of investors and African capital can support opportunities beyond national boundaries,” he added.
- “Greater market integration, supported by regulatory cooperation, modern infrastructure and stronger investor confidence, will position African capital markets to play a more significant role in financing the continent’s economic transformation,” Kwairanga mentioned.
The NGX Group chairman cited present regional partnerships and the African Exchanges Linkage Project as foundations for deeper cooperation amongst exchanges.
He additionally emphasised the significance of bringing extra viable firms to the market to supply traders with larger selection.
Kwairanga recalled that Nigeria’s privatisation programme within the early 2000s supported market growth and expressed hope for a revival of comparable initiatives.
History limits African capital markets:
Kwairanga attributed Africa’s comparatively small share of worldwide market capitalisation primarily to the historical past and geographical fragmentation of its exchanges.
Although he acknowledged the results of weak investor confidence and fragile establishments, he argued that the continent’s markets are usually youthful and smaller than these in additional developed areas.
- “The major reason for the small size of Africa’s capital markets is traceable to their history and geography,” he mentioned.
- “Because of their relatively small sizes, there is little depth to absorb major capital flows,” he famous.
- “There has also historically been capital flight out of Africa with many of our leaders and business tycoons preferring to move wealth outside the continent,” Kwairanga added.
- “The first and most important is to boost the confidence of investors in our market by ensuring professionalism, integrity and high levels of transparency and disclosure at all times,” he mentioned.
He recognized restricted funding merchandise, inadequate collective funding schemes, and a scarcity of sturdy listed firms as extra constraints.
Kwairanga urged African leaders to strengthen establishments, enhance governance and transparency, help entrepreneurship and tackle capital flight.
He additionally referred to as for digital funding channels concentrating on youthful traders, stronger retail investor schooling, and monetary incentives for market members.
On home financial savings, he supported insurance policies that cut back inflation, enhance monetary inclusion, and encourage participation in formal funding markets.
Dangote IPO helps regional integration:
NGX Group’s regional integration efforts have additionally featured within the advertising of the Dangote Refinery public supply throughout African capital markets.
- Nairametrics previously reported that NGX Group took the supply’s roadshow to Nairobi and Gaborone, with the Egyptian and Ethiopian exchanges recognized as subsequent locations.
- The Dangote Refinery offer comprises 4.1 billion shares priced at N525 each, concentrating on roughly N2.15 trillion.
- NGX Group mentioned the supply focused 10 million traders and will enhance the variety of lively Nigerian traders fivefold.
- The supply’s deadline was prolonged to October 27, 2026, whereas subscriptions reportedly reached N1.5 trillion inside its first hour on September 14.
- NGX Invest, the group’s digital supply platform, helps subscriptions via greater than 180 channels, together with WhatsApp.
- Aliko Dangote additionally highlighted the potential for stronger relationships between African exchanges to allow firms to boost capital in a number of markets relatively than relying solely on their residence exchanges.
The initiative displays NGX Group’s efforts to mix wider regional market entry with elevated home participation via digital funding platforms.
Kwairanga equally pointed to the investor curiosity generated by the Dangote Refinery supply as an instance of the potential of engaging funding alternatives.
He maintained that deeper market integration have to be accompanied by stronger listed firms, improved investor confidence and establishments able to supporting sustained capital-market growth.
