Dr Umaru Kwairanga, chairman of Nigerian Exchange Group, has called on Nigerian business leaders to take greater responsibility for deepening the country's capital market and creating wealth through increased participation. Speaking at an Institute of Leadership, Coaching & Strategy webinar on 30 October 2026, Kwairanga said businesses must move beyond seeing the capital market merely as a source of financing and instead recognise it as a strategic platform for building stronger, more accountable and globally competitive enterprises.
Kwairanga highlighted the Dangote Refinery Initial Public Offering as an important milestone in Nigeria's capital market evolution, noting that bringing major corporate enterprises into the market was essential to ensure the market adequately reflects the size and diversity of the Nigerian economy. He said large-scale corporate listings have multiplier effects beyond increasing market capitalisation, stimulating investor awareness, broadening market participation and improving market liquidity. According to the NGX chairman, businesses particularly family-owned and founder-led enterprises must strengthen their corporate governance structures, financial reporting, risk management and strategic planning to attract sustainable investment and access long-term capital.
The NGX Group chairman pointed to significant improvements in market performance linked to Nigeria's economic reforms. He disclosed that the NGX All-Share Index appreciated by 51.19 per cent in 2025, while equities market capitalisation rose from N62.76 trillion to N99.38 trillion. As of 26 October 2026, the Index had recorded a year-to-date gain of approximately 61.48 per cent, with equities market capitalisation reaching N163.16 trillion. Kwairanga attributed these gains to improved foreign exchange availability, greater stability in business planning and renewed investor interest.
Kwairanga identified market reforms, technological innovation and improved access to capital-raising platforms as additional factors shaping the market's transformation. He disclosed that NGX Invest, the group's digital capital-raising platform, had facilitated over 3 trillion naira in capital raising across more than 23 transactions. Kwairanga observed that while the ability to raise capital is valuable, the capacity to deploy it productively, create employment and generate sustainable returns ultimately determines business success.