Africa's largest stock exchange is in the middle of a transformation. The Nigerian Exchange Group is modernising its infrastructure, expanding its product offering, and actively exploring digital asset frameworks — all while managing one of the most dynamic and complex capital markets environments on the continent. Joining me is Umaru Kwairanga, Chairman of the Nigerian Exchange Group. Welcome to the show.
Thank you very much. Delighted to be here.
As Chairman of the Nigerian Exchange Group, how would you describe where the exchange is in its transformation journey right now?
We are in a very important phase. The Nigerian Exchange Group has gone through significant changes in recent years — we demutalised, we became a publicly listed entity, and we have been investing heavily in technology and infrastructure. The goal is to make NGX a world-class exchange that can compete for listings, attract international capital, and give Nigerian companies and investors access to the deepest possible pool of liquidity. We are not there yet — but we are moving in the right direction and the momentum is real.
Nigeria has one of the world's most active crypto user bases. How is the NGX thinking about digital assets?
We have to be realistic and pragmatic about this. Digital assets are a reality. Millions of Nigerians are already using them — not because regulators told them to, but because they solve real problems around value transfer, savings, and access to global markets. Our job as an exchange is to create the framework within which that activity can happen safely, transparently, and with the investor protections that a regulated environment provides. We are in active dialogue with regulators about what a digital asset listing framework would look like for NGX. It is not a question of if — it is a question of when and how.
What would attracting more international capital into Nigerian equities actually require?
Three things. First, continued macroeconomic stability — investors need to trust that the policy environment is predictable and that their returns can be repatriated. Nigeria has made significant progress on this in the last two years. Second, deeper liquidity — we need more listings, more active market making, and more instruments that give investors ways to manage risk. Third, visibility. Many international institutional investors simply do not have Nigeria on their radar. Part of our job is to change that — to tell the Nigerian growth story more loudly and more credibly on the global stage. Events like this one are part of that effort.
What is your message to international investors who may be interested in Africa but hesitant about Nigerian markets specifically?
Come and look. The risk is real but so is the opportunity. Nigeria is the largest economy in Africa, the largest population, and home to some of the most dynamic entrepreneurs and businesses on the continent. The exchange is regulated, the rules are clear, and the growth story is compelling. For investors with a medium to long-term horizon who want genuine African exposure — not synthetic, not through ETFs listed elsewhere — the NGX is where you need to be.
Thank you so much for joining us today.
Thank you. It has been a great pleasure.
