Nigeria needs bold innovation, strategic partnerships, as well as a robust capital market capable of mobilising domestic and international capital at unprecedented scale to get the required scale of transformation.
This has become imperative as traditional approaches alone will not deliver the scale of transformation Nigeria needs, especially as economies navigate an increasingly complex global economic environment.
These were the positions held by the group chairman of the Nigerian Exchange Group, (NGX Group), Dr Umaru Kwairanga at the recently held Symposium ‘for the love of our country’ at Bayero University Kano.
Kwairanga said that the theme of the event, “Reimagining Nigeria’s Economy for a Prosperous Future” could not be more timely as “Nigeria’s economic trajectory has over the decades, been shaped by global market shifts, domestic policy experiments, and most importantly, by the resilience of its people.”
According to him:” 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.”
He said with a vibrant and inclusive capital market, there would be the capacity to foster economic prosperity in the country.
“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.” He stated.
Kwairanga emphasised that the current goal was even more ambitious owing to the ambition of President Tinubu to grow Nigeria’s GDP to at least one trillion dollars by 2030.
He said that the NGx has keyed into the vision and is determined that the capital market will be at the centre of the drive to achieving the goal.
Kwairanga said “We are working in conjunction with our regulators, especially the Securities and Exchange Commission, to make our market more efficient and transparent.”
He said that the NGx is pursuing new listings in the public sector, oil and gas and other sectors, given that the government has affirmed its commitment to sell a stake in NNPC Limited and the confidence of listing Dangote Petrochemicals very soon.
Local and foreign investors
He said that the transactions will increase the market capitalisation geometrically and attract many local and foreign investors to invest in the market.
While acknowledging that there are various challenges facing the capital market, the NGX Group Chairman is however confident that these can be overcome and the NGX will meet its goal of a much bigger capital market that Nigeria deserves before the decade runs out.
Lateefah Ibrahim