Lagos: The Chairman of the Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, has announced that Nigeria’s economy has stabilised and is on a steady growth path. Kwairanga made this statement at the Africa Capital Forum held at Peninsula London, themed ‘From Stabilisation to Capital Mobilisation.’ He emphasized the significance of Nigeria, which accounts for over a quarter of Africa’s population, in reflecting the continent’s challenges and opportunities.
According to News Agency of Nigeria, Kwairanga noted that the country had previously faced years of economic challenges, including weak investor confidence, foreign exchange shortages, declining manufacturing output, and an overreliance on oil. He credited the recent economic reforms under President Bola Tinubu for the positive changes, despite their initial difficulty.
Kwairanga stated, “It took tough decisions and affected Nigerians in the short term, but the economy has stabilised and is growing.” He pointed to macroeconomic indicators from the Central Bank of Nigeria and capital market trends as evidence supporting this recovery narrative.
Highlighting the successes in the stock market, Kwairanga mentioned that the NGX All-Share Index had risen from 55,808 to over 201,000 points, marking a 261 per cent increase. Additionally, market capitalisation grew from N30.38 trillion to N129.32 trillion, representing a growth of 325 per cent, with trading activity increasing fourfold.
“In the Nigerian capital market, we have not only stabilised, we have grown tremendously,” Kwairanga asserted. Looking to the future, he revealed NGX Group’s ambitious plan to triple key market indices within the next two years, with major listings driving this growth.
Kwairanga shared plans for exciting listings, including the Dangote Refinery and Petrochemical Complex, expected to occur before mid-year. He also reiterated the exchange’s support for the Federal Government’s target of growing the economy to one trillion dollars by 2030, stressing that this goal would require substantial capital inflows from both domestic and international sources.