By Jennete Ugo Anya
When President Bola Ahmed Tinubu sat down with Nigeria’s top capital market leaders during his state visit to Brazil this week, the mood in the room was unmistakably optimistic. Numbers do not lie, and for the president, the performance of Nigeria’s capital market since he assumed office more than two years ago is nothing short of transformational.
“The phenomenal rise in market capitalisation and increased trading activity reflect the confidence that both Nigerians and international investors now place in our economy,” President Tinubu declared, acknowledging that the bold reforms his government introduced were beginning to bear fruit.
The meeting, which brought together the Director-General (DG) of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, and the Board of Directors of the Nigerian Exchange Group Plc (NGX), provided more than a ceremonial backdrop. It became a platform for stockbrokers, regulators, and policymakers to speak with one voice on the opportunities and challenges facing Africa’s largest economy.
Confidence Amid Reforms
President Tinubu, who has repeatedly staked his presidency on economic restructuring, described the growth of the capital market as a cornerstone of his Renewed Hope Agenda. “Dialogue with key stakeholders like you is vital to achieving our economic targets. We are determined to make Nigeria Africa’s premier investment destination, and this market is central to that vision,” he said.
He reiterated his administration’s commitment to strengthening Nigeria’s financial ecosystem, assuring that more reforms would be rolled out to deepen market access, boost liquidity, and ensure long-term stability.
N300 Trillion Ambition
For Dr. Agama, the highlight of recent months was the signing of the Investment and Securities Act (ISA) 2025 – a piece of legislation he described as “one of Africa’s most comprehensive legal frameworks for capital markets.”
Dr. Agama was emphatic: “This Act positions us to achieve a N300 trillion market while ensuring that investors, both big and small, are protected. It gives Nigeria the tools to democratize wealth creation, drive innovation, and build resilience in our financial system.”
He stated that the new law would also provide clarity for fintechs, commodity exchanges, and alternative investment platforms, thus widening the scope of opportunities for Nigerian youth and global investors alike.
The Exchange’s Rising Fortunes
For the Nigerian Exchange Group, the numbers tell a powerful story. According to its chairman, Alhaji Umaru Kwairanga, “Trading volumes and market values have nearly tripled since this administration took office. That kind of growth is not accidental—it is the result of bold reforms and renewed investor trust.”
Alhaji Kwairanga called on the government to accelerate the listing of state-owned enterprises such as NNPC Limited on the Exchange, a move he said would inject depth and credibility into the market. He also pressed for tax incentives to keep investors engaged in the long term.
In a symbolic gesture, Alhaji Kwairanga extended an invitation to President Tinubu to visit the NGX trading floor in Lagos—an event he believes would not only celebrate these achievements but also further inspire confidence among retail and institutional investors.
Positioning Nigeria Globally
Mr. Temi Popoola, the Group CEO of NGX, outlined a forward-looking strategy: “Our priority is to position the NGX as a global investment hub. That means stronger partnerships, modernised market infrastructure, and innovative financial products that can compete on the world stage.”
He emphasised the need to expand retail investor participation through digital channels, pointing out that financial inclusion is essential for sustainable market growth.
Another NGX director, Mr. Nonso Okpala, lauded the administration’s economic reforms, particularly the relative stability in exchange rates and macroeconomic predictability under the Renewed Hope Agenda. “This predictability has been crucial in restoring investor confidence, and it must be sustained,” Mr. Okpala said.
For President Tinubu, the capital market is not just about indices and percentages. It is about people – ordinary Nigerians whose pensions, savings, and aspirations are tied to the health of the Exchange. “We will continue to build an economy where every citizen feels the impact of growth, where opportunities are not just numbers on a chart but realities in homes and communities,” the president assured.
