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Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group), has highlighted the growing scale of capital formation in Nigeria and across Africa.
According to a statement from NGX, Popoola made the remarks at the Nigeria–Asia Financial Connectivity Dialogue in Singapore, held on October 8 and 9, 2026, where financial market leaders explored opportunities to deepen investment flows and strengthen financial connectivity between the two regions.
The programme brought together policymakers, investors, international financial institutions and market infrastructure providers. J.P. Morgan and the Central Bank of Nigeria (CBN) hosted the dialogue in collaboration with NGX Group and FMDQ Group.
Nigeria Sees Stronger Capital Formation
Speaking on a panel moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, Popoola said Nigeria and Africa are witnessing their strongest capital formation in years.
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“We are witnessing a level of capital formation in Nigeria and on the continent that we really haven’t seen in a very long time,” Popoola said. Nigeria’s capital-raising activity reflects this momentum, with banks raising approximately N4.65 trillion under the ongoing recapitalisation programme and the Dangote Petroleum Refinery Initial Public Offering (IPO) seeking to raise N2.15 trillion.
- Popoola highlighted the role of distribution infrastructure in broadening participation in the Dangote offer, noting that integration with stockbrokers, banks and fintech platforms is making subscriptions more accessible to Nigerians at home and abroad, as well as investors across Africa and beyond.
- He also identified opportunities to attract more companies to the capital market, noting that agriculture, technology, infrastructure and healthcare remain underrepresented.
- With private capital increasingly competing with public markets for corporate funding, he stressed the importance of demonstrating the benefits of local listings and creating an enabling environment for businesses to raise capital through the market.
These developments, he noted, reflect opportunities to expand capital formation and deepen participation in Nigeria’s capital market.
Nigeria Deepens Capital Market Connectivity
Nigeria’s capital market has recorded developments in infrastructure and international accessibility, including the transition to a T+1 settlement cycle in June 2026 and the country’s reclassification to Frontier Market status by FTSE Russell in September.
These milestones support more efficient market operations and strengthen the framework for international investor participation.
- Discussions at the dialogue covered Nigeria’s reform programme, capital mobilisation, foreign exchange market confidence and the development of deeper, more liquid markets.
- The panel also featured Zeal Akaraiwe, Group Managing Director and Chief Executive Officer of FMDQ Group; Aderinola Shonekan, Director of the Trade and Exchange Department at the CBN; and Olumayokun Ajibade, Special Adviser to the CBN Governor on Financial Markets and Economic Policy.
The discussions formed part of broader efforts to strengthen financial connectivity and improve opportunities for investment between Nigeria, Africa and Asia.
Cardoso Stresses Investor Confidence
In a separate fireside chat, CBN Governor Olayemi Cardoso underscored the importance of investor confidence in sustaining long-term capital flows.
“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” he said, citing credible monetary policy, stronger governance, improved market functioning and predictable regulation as essential to sustained investment.
Popoola also joined Cardoso and representatives of the CBN, FMDQ Group and J.P. Morgan for an engagement with Singapore Exchange Group (SGX Group) to explore opportunities for institutional collaboration between Nigerian market operators and their Singaporean counterparts.
The engagement builds on NGX Group’s international outreach, including interactions with the Johannesburg Stock Exchange, National Stock Exchange of India, B3 in Brazil and Nasdaq in the United States, as well as relationships with African market institutions such as the Ethiopian Securities Exchange and Nairobi Securities Exchange.
The programme also featured discussions between the CBN and the Monetary Authority of Singapore on financial-sector development, regulation and innovation. It included the signing of a Memorandum of Understanding between the CBN and the Global Finance & Technology Network to establish a framework for cooperation on financial innovation.
Through these engagements, NGX Group aims to strengthen international relationships that support domestic market development, expand access to capital for Nigerian businesses and create opportunities for global investors to participate in Nigeria’s economic growth.
What you should know
In August 2026, Popoola called on President Bola Ahmed Tinubu to support policies that would encourage major companies operating in Nigeria, particularly high-growth fintech firms, to list on the domestic stock exchange.
At a meeting with the President, Popoola expressed concern that several companies generating significant revenues and profits from Nigeria were planning to float their shares on foreign exchanges, limiting opportunities for local investors to participate in their growth.
He argued that while Nigeria should continue to support free and open capital markets, local investors should also have access to the wealth created within the country.
