NGX Group Chairman backs African markets integration as top priority

The Chairman of Nigerian Exchange (NGX) Group, Alhaji (Dr) Umaru Kwairanga, has identified the integration of African capital markets as the reform he would prioritise over the next three years to strengthen cross-border investment.

Kwairanga made the remarks at the Oxford Global Think Tank 2026 conference in Abuja, themed Leadership for a Prosperous Future, which was convened by Arunma Oteh, former Director General of Nigeria’s Securities and Exchange Commission (SEC).

Speaking on a panel session, he said stronger links between African exchanges would help businesses access a wider pool of investors.

Kwairanga pushes African market integration:

Kwairanga said Africa has significant investment opportunities in infrastructure, manufacturing, agriculture and technology, but its capital markets need stronger connections to finance them.

He identified regional integration as his foremost reform priority, arguing that African capital should be able to support investment opportunities beyond national borders.

• “Our priority would be to accelerate the integration of African capital markets and strengthen their capacity to mobilise investment across the continent,” he said.
• “We must create stronger connections between our markets so that businesses can access a wider pool of investors and African capital can support opportunities beyond national boundaries,” he added.
• “Greater market integration, supported by regulatory cooperation, modern infrastructure and stronger investor confidence, will position African capital markets to play a more significant role in financing the continent’s economic transformation,” Kwairanga said.

The NGX Group chairman cited existing regional partnerships and the African Exchanges Linkage Project as foundations for deeper cooperation among exchanges.

He also emphasised the importance of bringing more viable companies to the market to provide investors with greater choice.

Kwairanga recalled that Nigeria’s privatisation programme in the early 2000s supported market development and expressed hope for a revival of similar initiatives.

History limits African capital markets:

Kwairanga attributed Africa’s relatively small share of global market capitalisation primarily to the history and geographical fragmentation of its exchanges.

Although he acknowledged the effects of weak investor confidence and fragile institutions, he argued that the continent’s markets are generally younger and smaller than those in more developed regions.

• “The major reason for the small size of Africa’s capital markets is traceable to their history and geography,” he said.
• “Because of their relatively small sizes, there is little depth to absorb major capital flows,” he noted.
• “There has also historically been capital flight out of Africa with many of our leaders and business tycoons preferring to move wealth outside the continent,” Kwairanga added.
• “The first and most important is to boost the confidence of investors in our market by ensuring professionalism, integrity and high levels of transparency and disclosure at all times,” he said.

He identified limited investment products, insufficient collective investment schemes, and a shortage of strong listed companies as additional constraints.

Kwairanga urged African leaders to strengthen institutions, improve governance and transparency, support entrepreneurship and address capital flight.

He also called for digital investment channels targeting younger investors, stronger retail investor education, and fiscal incentives for market participants.

On domestic savings, he supported policies that reduce inflation, improve financial inclusion, and encourage participation in formal investment markets.

Dangote IPO supports regional integration:

NGX Group’s regional integration efforts have also featured in the marketing of the Dangote Refinery public offer across African capital markets.

• Nairametrics previously reported that NGX Group took the offer’s roadshow to Nairobi and Gaborone, with the Egyptian and Ethiopian exchanges identified as subsequent destinations.
• The Dangote Refinery offer comprises 4.1 billion shares priced at N525 each, targeting approximately N2.15 trillion.
• NGX Group said the offer targeted 10 million investors and could increase the number of active Nigerian investors fivefold.
• The offer’s closing date was extended to October 27, 2026, while subscriptions reportedly reached N1.5 trillion within its first hour on September 14.
• NGX Invest, the group’s electronic offer platform, supports subscriptions through more than 180 channels, including WhatsApp.
• Aliko Dangote also highlighted the potential for stronger relationships between African exchanges to enable companies to raise capital in multiple markets rather than relying solely on their home exchanges.

The initiative reflects NGX Group’s efforts to combine wider regional market access with increased domestic participation through digital investment platforms.

Kwairanga similarly pointed to the investor interest generated by the Dangote Refinery offer as an example of the potential of attractive investment opportunities.

He maintained that deeper market integration must be accompanied by stronger listed companies, improved investor confidence and institutions capable of supporting sustained capital-market development.