The Chairman of Nigeria Exchange Group (NGX), Dr. Umaru Kwairanga, has underscored that transforming Nigeria into a $1 trillion economy involves more than just policy reforms. He pointed out that sustained capital mobilization, robust institutions, and a governance framework that instills confidence in investors are essential elements.
Kwairanga expressed these views while speaking at the Chartered Institute of Directors (CIoD) conference dinner in Lagos. He stressed that economic development cannot be achieved through transient investments, also referred to as ‘hot money.’ Instead, he argued for the necessity of patient, long-term capital that can be allocated to key infrastructure projects, which are vital for sustainable economic growth.
The NGX Chairman also stated that high governance standards in both public and private institutions are critical for attracting this type of capital. He conveyed that the aspiration to achieve a $1 trillion economy presents a significant opportunity for Nigeria to enhance its position as a leading investment hub and economic powerhouse within Africa.
Kwairanga noted, “The capital market must remain central to this transformation, serving as a platform for financing infrastructure, expanding productive enterprises, and unlocking investment opportunities across critical sectors of the economy.” He emphasized that the depth and resilience of the capital market will play a crucial role in attracting long-term investments that are essential for sustainable growth.
He further stated that capital is driven by confidence, which is fundamentally built on principles of good governance. For the economy to thrive, transparency, accountability, regulatory consistency, and institutional integrity must be prioritized.
Kwairanga reaffirmed NGX’s commitment to enhancing market integrity and fostering investor participation to create a capital market that promotes sustainable wealth generation. He articulated that reaching the $1 trillion economic goal transcends merely reaching a numerical target; it is about establishing a resilient, inclusive, and globally competitive economy that offers enduring prosperity for Nigerians.
In addition, he expressed optimism about leveraging digital technology to extend the reach of goods and services across borders, suggesting that social media could provide businesses with innovative opportunities to expand their markets. Kwairanga called on leadership to embrace these possibilities to push toward realizing the trillion-dollar economy target, reinforcing the institute’s commitment to enhance corporate governance quality in Nigeria.
