The Chairman of the Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, says that the Nigerian economy has stabilised and it is on a steady growth path.
Speaking on Tuesday at the Africa Capital Forum at Peninsula London, with the theme ‘From Stabilisation to Capital Mobilisation.’ Kwairanga said that “the Nigerian economy has stabilised and has started to grow steadily again”.
He noted that Nigeria, accounting for more than a quarter of Africa’s population, mirrors both the continent’s challenges and opportunities.
Kwairanga said that Nigeria 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 that the macroeconomic indicators from the Central Bank of Nigeria and capital market trends supported the recovery narrative.
Kwairanga highlighted stock market gains, noting that the NGX All-Share Index rose from 55,808 to over 201,000 points, a 261 per cent increase.
He added that 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 stated that the NGX Group aims 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 Nigerian Government’s target of growing the economy to $1 trillion 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,” local media reports quoted Kwairanga as saying.
GIK/APA