Authorities in Nigeria’s capital market project a threefold growth in market indices over the next two years, driven by the economy’s steady stabilisation.
Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX), highlighted that years of strained finances caused by low investor confidence, foreign exchange shortages, declining manufacturing, and overreliance on volatile crude oil exports are now largely behind the country.
He credited President Bola Tinubu’s first term for initiating a significant turnaround, noting that the stock market reflects the positive effects of reforms implemented by the President and his economic team.
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Speaking at the Africa Capital Forum in London, themed ‘From Stabilisation to Capital Mobilisation,’ Kwairanga emphasised that the administration’s tough decisions have already had tangible short-term impacts on Nigerians’ lives.
“The All Share Index when President Tinubu took over was 55,808. Market Capitalisation was N30. 388trillion. Trading volumes were very low. Three years on, the All Share Index crossed a historic 200 000 mark to settle at 201,474, a 261% gain. Market capitalisation has increased to N129.32 trillion, a 325% increase. Trading volume and value have increased fourfold. In the case of the Nigerian capital market, we have not only stabilised, but we have grown tremendously.”
The NGX boss then stated that the capital market has lined up several exciting listings that will focus on growing the market’s indices by threefold in the next two years.
He said that the market was banking on the listing of the Dangote Refinery and Petrochemical Complex by the middle of this year, as well as President Tinubu’s intention to expand Nigeria’s economy to a trillion-dollar economy by the year 2030.
While reflecting confidence that the capital market will reflect the projected growth, he acknowledged that getting to that target requires enormous capital from within and from outside the country.
Kwairanga then encouraged participants to see Nigeria as a prime investment destination and a haven for their assets in Africa.