The Group Managing Director/Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola, says the ongoing economic reforms in Nigeria are already strengthening domestic capital formation.
Mr Popoola stated this while speaking at the Nigeria–United Kingdom Investment Roundtable organised by the Nigerian Investment Promotion Commission in collaboration with the Commonwealth Enterprise and Investment Council in London.
Drawing comparisons with countries such as Indonesia, Brazil and India, Popoola noted that economies that implemented structural reforms often witnessed strong domestic capital mobilisation and strengthened corporate balance sheets.
“The real test of reforms is what local capital does and how domestic corporates respond,” Popoola said.
“In Nigeria today, local capital is playing a very strong role. Markets were up more than 50% last year, issuers are raising new capital, retail investors are returning to the market, and corporate balance sheets and governance standards are improving”, he said.
He also highlighted the strong capital market relationship between Nigeria and the United Kingdom, stating that collaboration between the Nigerian Exchange Group and the London Stock Exchange has helped facilitate cross-border capital raising for corporates in both jurisdictions.
Looking ahead, Popoola said Nigeria’s capital market is positioning itself to support larger transactions and broader wealth creation opportunities.
“We see a future where capital markets go beyond facilitating capital raising to supporting business expansion and wealth creation for Nigerians,” he said.
Also at the event, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the Federal Government’s reform agenda aimed at restoring macroeconomic stability, strengthening fiscal sustainability and attracting long-term investment into the country.
On his part, the Governor of Lagos State, Babajide Sanwo-Olu, emphasised Lagos’ role as a leading economic hub in Africa, highlighting the state government’s collaboration with TheCityUK to further develop Lagos State as a global financial and investment centre.
Earlier in her welcome remarks, the Chief Executive Officer of the Nigerian Investment Promotion Commission, Aisha Rimi, noted that the roundtable was aimed at strengthening investment partnerships between Nigeria and the United Kingdom.