At the 2024 annual conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos, Alhaji (Dr) Umaru Kwairanga, Chairman of the Nigerian Exchange Group Plc, expressed concern over the low number of investors in Nigeria’s capital market, considering the country’s population of over 200 million.
“We are coming from less than 100,000 with a population of over 200 million, which is unacceptable,” Kwairanga stated. He emphasized the need for drastic improvements in investor engagement, particularly targeting the younger generation.
He further highlighted the fact that many young Nigerians are increasingly involved in Bitcoin, blockchain, and other modern financial tools. “Nigeria is the hub for Bitcoin, blockchain, and all the modernization. We have noticed that the younger generation prefers no paperwork; they want to do everything with their handsets,” he explained.
To attract this tech-savvy demographic, Kwairanga said that the Nigerian Exchange Group had invested heavily in the technology they use. This effort, he noted, has already paid off in the last six months. “What we have achieved in the last six months is doubled or tripled the number of investors, a feat that we were unable to achieve in the last 20 years in the Nigerian capital market,” he added.
Kwairanga also discussed the importance of improving the process for investors to take advantage of market opportunities. While supporting the verification process, he pointed out that delays hinder potential investors. “It is unacceptable when people are seeing the prices go up and can’t take advantage of it,” Kwairanga said, urging the Central Bank of Nigeria (CBN) to explore ways to streamline verification.
The chairman spoke on the theme, ‘Banks’ Recapitalisation: Bridging the Gap Between Investors and Issuers in the Capital Market,’ stressing that the Nigerian Exchange Group is committed to supporting the country’s capital market. “The capital market serves as a critical enabler in this process, acting as a bridge between issuers seeking to raise capital and investors looking for opportunities to create value,” Kwairanga said.
In line with this mission, he highlighted the NGX Invest platform, a digital tool designed to revolutionize how public offerings and rights issues are distributed in Nigeria. “Since its inception, NGX Invest has facilitated over N1.26tn in capital-raising efforts by banks, including FBN Holdings, Zenith Bank, GTCO, FCMB Group, and Access Bank, among others,” he noted.
Kwairanga encouraged journalists covering the capital market to report accurately and responsibly, emphasizing that trustworthy and precise journalism is essential for building investor confidence. “Achieving a robust and vibrant market goes beyond infrastructure and technology. It requires trust, informed decision-making, and accurate reporting,” he stated.
He also urged market correspondents to maintain the highest standards of journalism, explaining that their work directly impacts the growth and development of the market. “Your work is critical to ensuring that information is not only disseminated but also contextualized and accurate,” Kwairanga added.
With a focus on technology and transparency, Kwairanga’s remarks underline the Nigerian Exchange Group’s commitment to creating a capital market ecosystem that supports growth, trust, and greater investor participation.
