The exchange is seeking broader retail participation and more domestic listings, including OPay and the Dangote Refinery IPO, to strengthen Nigeria’s capital market and support its $1tn economy ambition…..
The Nigerian Exchange Group (NGX Group) has set a target of N300tn in market capitalisation, while calling for more government-linked companies to list on the exchange to deepen Nigeria’s capital market and support the country’s ambition of building a $1tn economy.
The Chairman of NGX Group, Umaru Kwairanga, disclosed this at the 30th anniversary and annual awards dinner of the Association of Issuing Houses of Nigeria (AIHN) in Lagos, where he emphasised the need to attract more retail investors and broaden access to investment opportunities.
Kwairanga said the market had recorded substantial growth in recent years, with capitalisation rising from less than N50tn three years ago to more than N160tn.
“Market capitalisation has risen from below N50 trillion three years ago to over N160 trillion, and we are aiming for N300 trillion,” he said.
To achieve the target, he urged President Bola Tinubu’s administration to support the listing of more state-linked enterprises, particularly in the energy and technology sectors.
He also identified the ongoing initial public offering (IPO) of Dangote Refinery as a potential turning point for retail investment, noting that the offer aims to attract 10 million investors.
According to him, achieving that target could significantly expand domestic participation in a market that has recorded fewer than six million investors since Nigeria’s independence.
Kwairanga also disclosed that NGX had raised the possibility of fintech company OPay listing locally rather than pursuing an overseas listing.
He said President Tinubu had directed the Governor of the Central Bank of Nigeria to examine the matter, while OPay works towards a domestic listing.
The NGX chairman stressed that technology had transformed the market from manual operations to digital transactions, adding that further innovation would be essential to attracting younger investors and expanding participation.
The President of AIHN, Kemi Awodein, said the association would continue collaborating with regulators, government institutions and investors to deepen the capital market, strengthen transparency and encourage innovation.
She noted that Nigeria’s capital market had evolved significantly over the past three decades, with instruments such as green bonds and book-building becoming important features of its development.
Awodein said the market remained a vital channel for mobilising long-term capital to finance economic growth and support job creation.
Similarly, the Group Deputy Managing Director of Afrinvest, Victor Ndukauba, highlighted the contribution of investment banking firms to Nigeria’s corporate and financial development.
He cited their involvement in bank consolidation, mergers and acquisitions, and bond issuances, pointing to transactions that shaped institutions such as United Bank for Africa and Stanbic IBTC Bank, as well as GTBank’s international expansion.
Ndukauba also referenced Lagos State’s pioneering bond issuance as an example of how capital market financing could support development.
Looking ahead, he said digital platforms would play an increasingly important role in raising capital by enabling companies to reach investors more efficiently and allowing individuals to participate remotely.
He cited the digital-first approach associated with the Dangote Refinery IPO as an example of how technology could broaden access to investment opportunities.
At the event, AIHN also recognised several firms for their contributions to the development of Nigeria’s capital market.
