The Chairman of The Nigerian Exchange Group (NGX), Umaru Kwairanga, has projected a N300 trillion market capitalisation for the group, driven by new listings. This projection is part of the capital market's efforts to play a bigger role in Nigeria's drive towards a $1 trillion economy. Kwairanga made this disclosure at the 30th anniversary and annual awards dinner of the Association of Issuing Houses of Nigeria (AIHN) in Lagos.
Kwairanga highlighted the need to attract more retail investors, deepen market participation, and expand investment opportunities. To achieve this, the exchange has urged President Bola Tinubu's administration to encourage more state-linked companies, particularly in the energy and technology sectors, to list on the market. This move aims to widen investment opportunities and strengthen the capital market.
The NGX Group has also raised the prospect of fintech company OPay listing in Nigeria before pursuing an overseas listing. According to Kwairanga, President Tinubu has asked the governor of the Central Bank of Nigeria (CBN) to examine the matter. OPay is currently working towards a domestic listing, which is expected to boost the capital market.
Kwairanga noted that technology has transformed the capital market from manual processes to digital transactions. He emphasised that continued innovation would be essential to attracting younger investors and making investment opportunities more accessible. The NGX Group is committed to associating with institutions that are making an impact in the Nigerian capital market.
President of AIHN, Kemi Awodein, said the association would continue to work with regulators, government, and investors to deepen the market, promote transparency and good governance, and encourage innovation to strengthen investor confidence. Awodein noted that the market had evolved considerably since the association was established 30 years ago, with new instruments such as green bonds and book-building.
The capital market is a critical channel for mobilising funds for investment, economic growth, job creation, and national development, according to Awodein. At the anniversary dinner, AIHN recognised firms for their contributions to Nigeria's capital market through its annual awards. Stanbic IBTC Capital Limited emerged as a leading winner, taking home several awards.
Other winners of the AIHN annual awards include Chapel Hill Denham Advisory Limited, Rand Merchant Bank, Vetiva Advisory Services, United Capital Plc, Iron Capital Markets, and eight firms that shared the Best Corporate Sukuk Deal award for Taj Bank's Series 2 Mudarabah Sukuk. The awards recognise outstanding contributions to Nigeria's capital market.
Key points
- The Nigerian Exchange Group projects a N300 trillion market capitalisation with new listings to boost the capital market's role in Nigeria's economic growth.
- The NGX Group is urging state-linked companies, particularly in the energy and technology sectors, to list on the market to widen investment opportunities.
- The Association of Issuing Houses of Nigeria recognised firms for their contributions to Nigeria's capital market through its annual awards.
