By Seun Ibiyemi
The Group Chairman of Nigerian Exchange Group, Dr Umaru Kwairanga, has called for stronger collaboration among African stock exchanges to deepen capital markets, improve liquidity and boost the continent’s global competitiveness.
Kwairanga made the call during a bilateral meeting with the Chairman of the Nairobi Securities Exchange, Mr Kiprono Kittony, where both sides explored opportunities for strategic cooperation between the Nigerian and Kenyan capital markets.
In a statement issued on Monday, the NGX Chairman described the Nairobi Securities Exchange as one of Africa’s leading capital market institutions and a critical gateway to East African capital flows.
He stressed the need for sustained engagement among African exchange leaders as the continent pushes for economic integration and modernisation of financial markets.
“Stronger collaboration among African exchanges is no longer aspirational, but increasingly necessary to improve market depth, liquidity, competitiveness and global relevance,” Kwairanga stated.
According to him, the NGX Group’s transformation agenda is focused on technology modernisation, sustainability leadership, market development and stronger regional partnerships.
Kwairanga urged both exchanges to explore cross-border listing opportunities that would allow companies access broader pools of capital and expand investor participation across Africa.
“We must work together to attract African multinationals and high-growth companies to list within African markets rather than offshore exchanges,” he said.
He further advocated collaboration in the development of exchange-traded funds, derivatives, fixed-income instruments and other innovative financial products capable of deepening African capital markets.
The NGX Chairman also called for cooperation in technology infrastructure, market surveillance systems, cybersecurity resilience and data services to enhance operational efficiency and digital market expansion.
On sustainability, Kwairanga said African exchanges have critical roles to play in promoting sustainable finance and improving corporate governance standards across the continent.
He proposed collaboration on Environmental, Social and Governance disclosure frameworks, sustainability-linked products and capacity-building initiatives for listed firms and market participants.
Kwairanga additionally emphasised the importance of joint investor education programmes aimed at increasing retail investor participation, particularly among younger and digitally connected Africans.
Speaking on regional integration, he highlighted the African Continental Free Trade Area and the African Exchanges Linkage Project as key platforms capable of strengthening financial integration and mobilising long-term capital across the continent.
He noted that NGX Group and the Nairobi Securities Exchange are strategically positioned to shape the future of Africa’s capital market integration and institutional collaboration.
Kwairanga reaffirmed NGX Group’s commitment to deeper continental engagement through the African Securities Exchanges Association and other regional platforms.
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He also proposed the creation of working-level engagement teams to identify actionable collaboration opportunities arising from the meeting.
The NGX Chairman highlighted the strong performance of Nigeria’s capital market in the past two years, attributing the growth to banking sector recapitalisation, macroeconomic reforms and improving investor confidence.
According to him, the NGX All-Share Index has ranked among the world’s top-performing equity indices, reflecting renewed domestic and foreign investor interest in Nigerian equities.
Kwairanga also referenced the recent decision by FTSE Russell to reclassify Nigeria to Frontier Market status effective September 2026, describing the move as a milestone expected to attract more foreign investment and increase capital inflows into the market.
