Abuja: The Nigerian Exchange Group (NGX) has announced its commitment to significantly contribute to President Bola Tinubu’s ambitious goal of transforming Nigeria into a $1 trillion economy by the year 2030. Dr. Umaru Kwairanga, Chairman of NGX, revealed the group’s strategic initiatives aimed at enhancing the Nigerian capital market’s role in achieving this economic milestone.
According to News Agency of Nigeria, Dr. Kwairanga emphasized that NGX is focusing on expanding retail access, strengthening market oversight, and diversifying capital formation to support Nigeria’s economic transformation. He highlighted that the capital market is central to mobilizing long-term capital, providing transparent investment platforms, and fostering investor confidence, which are essential for sustainable economic growth.
Dr. Kwairanga also underscored NGX’s active participation in President Tinubu’s engagements with various investment blocs both locally and internationally. He mentioned his involvement in recent meetings with foreign investors in New York and the United States, aiming to attract crucial investments into Nigeria.
Kwairanga pointed out that a vibrant and inclusive capital market is instrumental in bridging the gap between investors and institutions in need of funding for new projects or expansion. He stressed that the capital market’s role in funding infrastructure projects, such as the Federal Government’s recent oversubscribed sukuk for road infrastructure, is vital for accelerating GDP growth.
He further noted that the capital market is playing a crucial role in supporting tech companies through private equity funds and public market listings. This support is expected to drive innovation, increase productivity, and ultimately contribute to Nigeria’s GDP growth.
Dr. Kwairanga commended President Tinubu for implementing transformative economic reforms that have rekindled investor confidence. He highlighted the positive impact of fuel subsidy removal and exchange rate unification, which have unlocked significant resources and restored credibility to Nigeria’s financial markets.
He also pointed to the enactment of the Investments and Securities Act (ISA) 2025 and the gazetting of Nigeria’s AfCFTA tariff schedule as measures that have enhanced investor protection and strengthened regional trade access. These reforms, he noted, have led to a surge in foreign direct investment and foreign portfolio investment, marking significant progress towards the $1 trillion economy target.