Dr. Umaru Kwairanga urges Nigerian businesses to deepen capital market involvement to foster wealth and economic growth.
Enhancing Responsibility in the Capital Market
The Chairman of Nigerian Exchange Group, Dr. Umaru Kwairanga, recently urged Nigerian business leaders to take a proactive role in strengthening the nation’s capital market. He believes that increased participation can create wealth and enhance the overall economy.
Kwairanga’s remarks came during the October 2026 Monthly Webinar hosted by the Institute of Leadership, Coaching & Strategy (ILCS) on October 30th. His presentation, titled ‘Developments in the Nigerian Stock Market: Strategic Benefits for Businesses and Business Leaders,’ explored how the evolving capital market can significantly impact businesses and investors alike.
Beyond Financing: Viewing the Capital Market as a Strategic Asset
In his address, Kwairanga emphasized the need for businesses to shift their perception of the capital market from merely a source of funding to a platform that fosters accountability and increases global competitiveness.
He cited the recent Initial Public Offering (IPO) of Dangote Refinery as a crucial step in this direction, highlighting its importance in representing the vast potential of Nigeria’s corporate landscape and ensuring that the market accurately mirrors the economy’s size and diversity.
“Large-scale listings do more than just boost market capitalisation; they encourage investor awareness, enhance liquidity, and broaden participation,” he stated, praising the Dangote Refinery IPO as a landmark development.
Corporate Governance and Investment Attractiveness
Kwairanga also highlighted the importance of strong corporate governance structures, particularly for family-owned and founder-led businesses. He advocated for improving financial reporting, risk management, and strategic planning as essential steps for attracting sustainable investments and securing long-term capital.
“The ability to raise capital is crucial, but what truly matters is how effectively it is utilized to generate jobs and deliver sustainable growth,” he noted.
He praised the impact of Nigeria’s recent economic reforms on the capital market, which have led to enhanced foreign exchange availability, increased business stability, and revived investor interest.
Kwairanga reported significant statistics: in 2025, the NGX All-Share Index rose by 51.19%, and by October 26, 2026, it had already gained approximately 61.48% year-to-date. Additionally, equity market capitalisation surged from ₦62.76 trillion to ₦163.16 trillion during this period.
Empowering Business Leaders Through Knowledge
Technological advancements and market reforms have been critical to this transformation. Dr. Kwairanga highlighted NGX Invest, a digital platform that has successfully facilitated over ₦3 trillion in capital-raising initiatives through more than 23 transactions.
The ILCS-organized webinar attracted a diverse audience, including business leaders, corporate directors, and public sector professionals. The event not only provided insights into capital market opportunities but also set the stage for meaningful discussions on how businesses can leverage these opportunities for growth.
In his opening remarks, Dr. Olasunkade Azeez, President of ILCS, underscored the timely nature of the webinar. He expressed that such forums equip leaders with the knowledge and tools needed to navigate complex socio-economic landscapes effectively.
“This webinar is another important step towards our mission of offering strategic dialogue and practical wisdom to empower business leaders,” Azeez remarked.