NGX Seeks Deeper Integration of African Capital Markets
The Group Chairman of the Nigerian Exchange Group, Dr Umaru Kwairanga, has called for more collaboration among African stock exchanges to deepen capital markets, improve liquidity, and enhance the continent’s global competitiveness.
Kwairanga made the call during a bilateral meeting with the Chairman of the Nairobi Securities Exchange, Mr Kiprono Kittony, where both parties explored opportunities for strategic cooperation between Nigeria and Kenya’s capital markets.
In a statement on Monday, the NGX Chairman said the Nairobi Securities Exchange is one of Africa’s leading capital market institutions and a key gateway to East African capital flows.
He emphasised the importance of sustained peer-level engagement among African exchange leaders as the continent advances economic integration and market modernisation.
“Stronger collaboration among African exchanges is no longer aspirational, but increasingly necessary to improve market depth, liquidity, competitiveness, and global relevance,” he said.
Kwairanga noted that the NGX Group’s transformation agenda includes technology modernisation, sustainability leadership, market development initiatives, and stronger regional partnerships.
On bilateral cooperation, he said both exchanges should explore opportunities for cross-border listings to enable issuers to access deeper pools of capital and broaden investor participation across regions.
“We must work together to attract African multinationals and high-growth companies to list within African markets rather than offshore exchanges,” he said.
Kwairanga advised both institutions to explore collaboration on the development of exchange-traded funds, derivatives, fixed income instruments, and other innovative products capable of deepening African capital markets.
He also called for greater cooperation in technology infrastructure, market surveillance systems, cybersecurity resilience, and data services to improve operational efficiency and digital market expansion.
On sustainability, Kwairanga said both exchanges have important roles to play in advancing sustainable finance and improving corporate governance standards across Africa.
He proposed collaboration on Environmental, Social and Governance (ESG) disclosure frameworks, sustainability-linked products, and capacity-building programmes for listed companies and market participants.
Kwairanga also emphasised the need for joint investor education initiatives targeted at boosting retail participation, especially among younger and digitally connected investors.
Speaking on continental integration, Kwairanga highlighted the African Continental Free Trade Area (AfCFTA) and the African Exchanges Linkage Project (AELP), saying stronger cooperation among African exchanges would help mobilise long-term capital and reduce reliance on external markets.
He said NGX Group and the NSE are well-positioned to shape the next phase of Africa’s capital market integration and institutional collaboration.
Kwairanga reaffirmed NGX Group’s commitment to stronger engagement through the African Securities Exchanges Association and other continental platforms.
He also proposed the establishment of working-level engagement teams to identify actionable collaboration opportunities arising from the meeting.
Kwairanga highlighted the strong performance of Nigeria’s capital market over the past two years, attributing the growth to banking sector recapitalisation, macroeconomic reforms, and improving investor confidence.
According to him, the NGX All-Share Index has ranked among the world’s top-performing equity indices, reflecting renewed domestic and international interest in Nigerian equities.
He also referred to the recent decision by FTSE Russell to reclassify Nigeria to Frontier Market status effective September 2026.
He described the development as a milestone expected to attract more foreign investors and increase capital inflows into the market. #NGX Seeks Deeper Integration of African Capital Markets#
