By Taiye Olayemi
The Chairman of the Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, says Nigeria’s economy has stabilised and is on a steady growth path.
Kwairanga spoke at the Africa Capital Forum at Peninsula London, with the theme ‘From Stabilisation to Capital Mobilisation.’
“Nigeria’s economy has stabilised and has started to grow steadily again,” he said.
He noted Nigeria, accounting for over a quarter of Africa’s population, mirrors both the continent’s challenges and opportunities.
Kwairanga said the country faced years of economic strain, including weak investor confidence, foreign exchange shortages, declining manufacturing output and oil dependence.
According to him, reforms under President Bola Tinubu, though difficult initially, have begun delivering positive outcomes.
“It took tough decisions and affected Nigerians in the short term, but the economy has stabilised and is growing,” he said.
He said macroeconomic indicators from the Central Bank of Nigeria and capital market trends supported the recovery narrative.
Kwairanga highlighted stock market gains, noting the NGX All-Share Index rose from 55,808 to over 201,000 points, a 261 per cent increase.
He added market capitalisation grew from N30.38 trillion to N129.32 trillion, representing 325 per cent growth, with trading activity rising fourfold.
“In the Nigerian capital market, we have not only stabilised, we have grown tremendously,” he said.
Looking ahead, Kwairanga said NGX Group aimed to triple key market indices within two years, driven by major listings.
“We have exciting listings planned, including the Dangote Refinery and Petrochemical Complex, expected before mid-year,” he said.
He reaffirmed support for the Federal Government’s target of growing the economy to one trillion dollars by 2030.
Kwairanga stressed that achieving the goal would require significant capital inflows from domestic and international sources.
“Reaching that target demands enormous capital from within and outside the country.
“Nigeria remains a prime investment destination and a safe haven for assets in Africa,” he said.(NAN)(www.nannews.ng)
Edited by Kamal Tayo Oropo