NGX group chairman declares Nigeria’s economy stabilized; eyes Dangote refinery listing

KEY POINTS

• Dr. Umaru Kwairanga, Chairman of the Nigerian Exchange Group, announced that Nigeria’s economy has moved past initial shocks and is now on a steady growth path.
• The NGX All-Share Index has surged by 261%, rising from 55,808 to over 201,000 points, while market capitalization grew by 325% to reach N129.32 trillion.
• Kwairanga reaffirmed the exchange’s commitment to supporting the Federal Government’s target of a $1 trillion economy by 2030.
• The Dangote Refinery and Petrochemical Complex is expected to list on the Nigerian Exchange before mid-year 2026 to help triple market indices within two years.

MAIN STORY

Speaking at the Africa Capital Forum in London on Tuesday, NGX Group Chairman Dr. Umaru Kwairanga delivered a bullish assessment of Nigeria’s economic recovery. Under the theme “From Stabilisation to Capital Mobilisation,” Kwairanga argued that the difficult reforms initiated by President Bola Tinubu have successfully corrected years of economic strain. These challenges included foreign exchange shortages, declining manufacturing output, and an over-dependence on oil.

The data from the capital markets serves as the primary evidence for this recovery narrative. Kwairanga highlighted a historic fourfold increase in trading activity, noting that the Nigerian capital market has not just stabilized but has grown tremendously. He pointed to the massive jump in the All-Share Index and total market capitalization as clear signs of renewed investor confidence in the Nigerian private sector.

Looking forward, the NGX Group is positioning itself as the engine for the government’s ambitious $1 trillion GDP target by 2030. To achieve this, the exchange is preparing for several major listings, with the Dangote Refinery being the most anticipated. This move is viewed as a cornerstone event that will attract the significant domestic and international capital inflows required to meet long-term economic goals.

Kwairanga concluded by pitching Nigeria as a prime investment destination and a safe haven for assets within the continent. He emphasized that while the initial tough decisions were painful for citizens in the short term, the macroeconomic indicators from the Central Bank now support a narrative of long-term stability and expansion. Achieving the trillion-dollar goal will now require a sustained focus on mobilizing enormous capital from both within and outside the country.

WHAT’S BEING SAID

• “Nigeria’s economy has stabilised and has started to grow steadily again,” stated Dr. Umaru Kwairanga.
• “Reaching that target demands enormous capital from within and outside the country,” Kwairanga added regarding the $1 trillion goal.
• “The economy has stabilised and is growing… macroeconomic indicators support the recovery narrative,” noted the NGX Group Chairman.

WHAT’S NEXT

• Investors will be closely watching for the official prospectus of the Dangote Refinery listing, which is expected to be the largest in the history of the Nigerian Exchange.
• Following the London forum, the NGX Group is expected to hold similar investment roadshows in other global financial hubs to attract further foreign portfolio investment.
• The Central Bank is anticipated to release a mid-year report to verify if the steady growth mentioned by Kwairanga is translating into increased industrial output and job creation.

BOTTOM LINE

The Bottom Line is that the Nigerian Exchange is betting on “Mega-Listings” to drive the next phase of national growth. By bringing assets like the Dangote Refinery onto the public market, the NGX Group aims to create the depth and liquidity necessary to turn Nigeria into a global investment heavyweight by the end of the decade.