The Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has urged African countries to strengthen collaboration among their capital markets, attract more listed companies and promote domestic investment to unlock the continent’s economic potential.

Kwairanga said greater integration of African stock exchanges would expand investment opportunities, improve access to capital for businesses and enable the continent to mobilise resources for infrastructure, manufacturing, agriculture and technology development.

He made the call at the Oxford Global Think Tank 2026 Conference in Abuja on Tuesday, November 3, where he spoke on the theme, “Leadership for a Prosperous Future.”

The conference was convened by Ms Arunma Oteh, while the panel session featuring Kwairanga was moderated by Nancy Illoh Okeke of the African Independent Television (AIT). Other panellists were Chuka Eseka and Kemi Awodein.

Speaking on why Africa accounts for a relatively small share of global market capitalisation, Kwairanga attributed the situation largely to the historical development and geographical fragmentation of the continent’s capital markets.

He explained that most African markets were relatively young compared with those in Europe, the Americas and parts of Asia, while their restriction to individual countries had limited their size, depth and ability to absorb substantial capital flows.

He also identified capital flight, weak institutions, inadequate investment products, limited collective investment schemes and a shortage of strong listed companies as factors constraining market development.

According to him, African leaders must recognise the continent’s enormous economic potential and communicate its investment opportunities more effectively to the international community.

He called for measures to stem capital flight, attract investment inflows, strengthen governance and transparency, and create policies that encourage entrepreneurship.

On mobilising domestic savings and institutional investments, the NGX chairman said restoring investor confidence through professionalism, integrity, transparency and adequate disclosure was essential.

He stressed the need to develop more attractive investment products and bring viable companies to the stock market, citing the heightened investor interest generated by the Dangote Refinery initial public offering (IPO) as an example of how major investment opportunities could stimulate market activity.

Kwairanga disclosed that NGX was also introducing user-friendly digital channels to make capital market investments more accessible, particularly to younger Nigerians who increasingly conduct financial transactions through digital devices.

He added that investor education and enlightenment were necessary to help retail investors make informed decisions and avoid Ponzi schemes.

On reforms required to encourage long-term investments, he advocated policies that would improve citizens’ income levels, reduce inflation and make savings more attractive.

He also called for intensified financial inclusion initiatives by the Central Bank of Nigeria, noting that bringing more Nigerians into the formal financial system would expand the pool of potential capital market investors.

Kwairanga further advocated fiscal incentives for individuals and businesses participating in the capital market, while identifying the pension reforms as an example of how policy interventions could stimulate investment.

Looking at the priorities for the next three years, he identified accelerated integration of African capital markets as a major requirement for unlocking investment opportunities across the continent.

He specifically cited the African Exchanges Linkage Project as an important platform for strengthening relationships among stock exchanges and facilitating cross-border investment.

He said improved regulatory cooperation, modern market infrastructure and stronger investor confidence would enable African markets to mobilise capital more effectively for the continent’s development.

Kwairanga also emphasised the need to attract more strong and viable companies to the Nigerian capital market, arguing that increasing the number of listed businesses would provide investors with greater choices and deepen market activity.

He called for policies that would encourage more enterprises to formalise their operations and access capital market financing.

The NGX chairman recalled that Nigeria’s privatisation programme in the early 2000s had provided a significant boost to the capital market, expressing optimism that a revival of the programme could stimulate further growth.