NGX Chairman Advocates for Creative Economy Investment

Alhaji Umaru Kwairanga, the Chairman of the Nigerian Exchange Group (NGX), called for African capital markets to expand beyond traditional industries such as oil, banking, and manufacturing to embrace the rapidly growing creative economy. He made this statement during his opening remarks at the Africa Soft Power Summit held on Thursday in Nairobi.

The summit gathered policymakers, investors, creative entrepreneurs, and business leaders to discuss Africa's cultural and technological economic future. Kwairanga emphasized that Africa's booming music and film industries present significant investment opportunities, although they remain largely underdeveloped despite their growing global popularity.

He noted the need for proper monetization structures and financial systems to reward participants in the creative sector. Additionally, he stressed that African exchanges and financial institutions must evolve to support innovation-driven businesses.

The NGX has already recognized the importance of adapting to the continent's evolving economic structure, as evidenced by its strong financial performance, with revenue rising by 102.5% to N7.22 billion in Q1 2025.