NGX Chairman Projects N300 Trillion Market Capitalisation

Umaru Kwairanga, the Chairman of the Nigerian Exchange Group (NGX), announced a projection of N300 trillion market capitalisation at the 30th anniversary and annual awards dinner of the Association of Issuing Houses of Nigeria (AIHN) in Lagos. This projection aims to support Nigeria's goal of achieving a $1 trillion economy.

Kwairanga highlighted the importance of attracting more retail investors, deepening market participation, and expanding investment opportunities. He urged President Bola Tinubu’s administration to encourage more state-linked companies, especially in the energy and technology sectors, to list on the market.

Additionally, he mentioned that fintech company OPay is working towards a domestic listing before considering an overseas option, with President Tinubu directing the Central Bank of Nigeria to examine this matter. Kwairanga noted the transformation of the capital market through technology and innovation, which is crucial for attracting younger investors.

The AIHN recognized various firms for their contributions to the capital market during the anniversary dinner.