‘Nigeria is like China in 1980s,’ NGX Chairman tells global investors

Stanley Ihedigbo

Group Chairman of Nigerian Exchange Group (NGX), Alhaji (Dr.) Umaru Kwairanga has likened Nigeria’s current economic prospects to China in the 1980s, urging global investors to take advantage of emerging opportunities in the country’s infrastructure, solid minerals, agriculture, fintech and tourism sectors.

Kwairanga made the call while delivering a speech at the Nigeria Investment Forum 2026 in New York, United States, on September 25, 2026.

Kwairanga noted that Nigeria’s present economic opportunity with China’s development trajectory in the 1980s.

“Nigeria is akin to China in the 1980s, a giant that is about to unleash its full potential,” he said, urging investors to consider opportunities in the Nigerian market.

The forum, organised around the theme, “Connecting capital to opportunity: Investing in Africa’s next frontier,” brought together government officials, members of the diplomatic community, institutional investors, development finance institutions and business leaders.

Kwairanga said Nigeria’s investment proposition goes beyond attracting foreign capital, stressing that the country must continue creating conditions that enable capital to enter efficiently, support productive enterprises and generate sustainable returns.

According to him, reforms undertaken in Nigeria’s fiscal and monetary policy in recent years have had positive effects on macroeconomic conditions and the business environment.

He cited the removal of fuel subsidies, the discontinuation of parallel exchange-rate regimes, changes in monetary policy and tax reforms as measures that, in his assessment, had contributed to improvements in the economy and business environment.

“These reforms have had a positive impact on the country’s macroeconomic growth and the business environment for companies, both big and small,” he said.

Kwairanga also said the developments had been reflected in the Nigerian capital market, which he said had recorded double-digit growth annually since 2023.

He noted that investor confidence remained critical to attracting and retaining capital, adding that confidence depends on effective regulation, credible corporate governance, transparency, market integrity and efficient market infrastructure.

‘Nigeria’s risk profile has improved’

The NGX Group chairman said Nigeria’s country-risk profile was considerably lower than it was three years ago, while describing the returns available in the Nigerian market as attractive.

He pointed to the country’s natural resources, including crude oil and solid minerals, its agricultural potential and its large young population as factors supporting its long-term economic prospects.

“Nigeria’s abundance of natural resources, whether in crude oil, solid minerals, and fertile land and climate suitable for large-scale agriculture, combined with its large, young, hardworking population, make it one of the twenty-first century’s economic growth engines,” he said.

Kwairanga said the country’s investment narrative was changing, arguing that Nigeria’s economic potential was increasingly being supported by reforms and a private-sector-oriented policy direction.

NGX expands capital-raising opportunities
Speaking on the role of the Nigerian Exchange, Kwairanga said NGX was working to strengthen the country’s capital market by providing platforms through which businesses could access long-term financing, and investors could participate in investment opportunities.

He said NGX had recorded growth in market capitalisation, trading volumes and trading values in recent years.

According to him, the Exchange has also expanded its investor base through the activities of its trading licence holders and digital initiatives, including NGX Invest, which he described as a platform for primary offers.

He added that more companies had been admitted to listing on the Nigerian Exchange.
Kwairanga specifically referenced the ongoing Dangote Refinery Initial Public Offering (IPO), describing it as a major capital-raising exercise.

“The Nigerian Exchange has proved itself as a robust platform for capital raising and generating good returns for savvy investors,” he said.

Calls for investment in key sectors

The NGX chairman identified several sectors as having significant investment opportunities for international investors, including infrastructure financing, solid minerals development, large-scale agriculture, fintech and tourism.

He also encouraged venture capital firms, private equity investors and other institutional investors to explore opportunities in these sectors.

For individual investors, he said the Nigerian Exchange provides access to more than 300 securities listed on its premium and main boards.

He disclosed that more than 150 investment firms were active trading licence holders of the Nigerian Exchange, with professionals available to guide investors through the process of investing in Nigerian financial assets and commodities.

Kwairanga said NGX would continue working with the government and other stakeholders to strengthen the capital market and make it easier for domestic and international investors to participate in Nigeria’s economic development.

‘Connect investment to the real economy’
The NGX chairman said the ultimate objective of capital-market development should be to connect investment with productive economic activity.

“Connecting capital to opportunity is ultimately about connecting investment to the real economy,” he said.

He explained that investment should help businesses expand, finance infrastructure, create jobs, promote innovation, improve productivity and generate sustainable economic value.

He therefore invited international investors to participate in Nigeria’s economic growth through the Nigerian Exchange.