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