NGX Group Chairman Calls for 10 Million Investors in $1 Trillion Drive

The Chairman of Nigerian Exchange Group, Dr Umaru Kwairanga, says the capital market is strategically positioned to drive Nigeria's ambition of a $1 trillion economy, citing a more than threefold rise in market capitalisation under the current administration and a urgent need to double the country's investor base.

Kwairanga spoke on Saturday at the fifth annual conference and awards of the Finance and Business Online Publishers association in Lagos, where stakeholders examined the roles of insurance, fintech, trade, investment and taxation as catalysts for economic transformation.

From N50 trillion to N160 trillion and beyond

According to the NGX Group chairman, market capitalisation has risen from below N50 trillion about three years ago to more than N160 trillion, gains that have accrued substantially to investors who participated in the market over the period. He said the exchange is targeting N300 trillion in market value as it seeks to mobilise long-term capital for infrastructure and business expansion.

Kwairanga argued that the reforms implemented by President Bola Tinubu, though initially painful, were necessary and have begun to reposition the economy, with the capital market among the sectors that keyed into the administration's vision from the outset.

The investor base problem

His sharpest point concerned participation. Nigeria, with a population above 220 million, has fewer than five million investors on the exchange, a figure Kwairanga called too small to finance the investment the $1 trillion target requires. He set a goal of 10 million investors, arguing that expanded participation channels domestic savings into productive investment and spreads the gains of growth more widely.

He pointed to ongoing equity offers as the immediate route to broaden ownership, disclosing that one such offer had attracted subscriptions of more than three times the amount offered, with retail investors prioritised. He described such transactions as not merely Nigerian but African in scope, with engagements held across several countries to attract wider participation.

Listings as the next lever

NGX Group has pressed for more state-linked companies, particularly in energy and technology, to list, and has raised the prospect of fintech firm OPay listing in Nigeria before pursuing an overseas route. The exchange has also identified the Dangote Refinery public offering, which targets 10 million investors, as a potential watershed for retail participation in a market that has recorded fewer than six million investors since independence.

Reaching the next tier will require more than appeals: accessible products, financial literacy, trusted market institutions and consistent returns relative to government securities all shape whether first-time investors stay.

A call to the media

Kwairanga urged finance and business journalists to provide timely, accurate and wide-reaching information to the public, saying the media has a critical role in deepening financial literacy and encouraging investment. He expressed confidence that the $1 trillion target is achievable, but said it would require deliberate collaboration among government, the private sector, the capital market and the press.