NGX Group Calls For Stronger Institutional Collaboration To Deepen Nigeria’s Capital Market

The Group managing director and chief executive officer Nigerian Exchange Group Plc (NGX Group), Temi Popoola, has emphasised the importance of institutional collaboration, policy consistency and international financial connectivity in strengthening Nigeria’s capital market and attracting sustainable long-term investment.

Popoola made this observation at the Nigeria–Asia Financial Connectivity Dialogue in Singapore, held on October 8 and 9, 2026. Hosted by J.P. Morgan and the Central Bank of Nigeria (CBN), in collaboration with NGX Group and FMDQ Group, the programme brought together policymakers, investors and financial-market leaders to explore opportunities to deepen investment flows between Nigeria and Asia.

Popoola noted that Nigeria and the wider African continent were experiencing renewed momentum in capital formation, creating opportunities to expand investment participation and strengthen capital markets as engines of economic growth.

“We are witnessing a level of capital formation in Nigeria and on the continent that we really have not seen in a very long time,” he said.

Reflecting on the significance of the engagement, Popoola said, “we see the development of Nigeria’s capital market as a shared undertaking, one we intend to pursue in partnership rather than in silos.” He underscored the importance of coordinated institutional action in advancing market development and translating Nigeria’s economic and financial-market reforms into sustained investor confidence.

He noted that liquidity, foreign-exchange stability and policy consistency remain central to international investors’ assessment of the market.

He also highlighted the potential to attract more companies to the capital market, particularly across underrepresented sectors such as agriculture, technology, infrastructure and healthcare.

Nigeria’s recent market developments, including the transition to a T+1 settlement cycle in June 2026 and its reclassification to Frontier Market status by FTSE Russell in September, present opportunities to strengthen international accessibility and enhance the country’s investment proposition.

In a separate fireside chat, the Governor of CBN, Olayemi Cardoso underscored the importance of investor confidence in sustaining long-term capital flows.

“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” he said, identifying credible monetary policy, stronger governance, improved market functioning and predictable regulation as essential to sustained investment,” he stated.

During a visit to Singapore Exchange Group (SGX Group), Popoola joined CBN Governor Olayemi Cardoso, FMDQ Group Chief Executive Officer Zeal Akaraiwe and other delegates for discussions with SGX Group Chief Executive Officer Loh Boon Chye and the exchange’s leadership team. The discussions focused on lessons from Singapore’s capital-market development, the importance of regulatory credibility and policy consistency, and the role of coordinated institutions in building deeper markets.

Beyond institutional collaboration, the engagement explored opportunities to encourage companies with significant operations in Nigeria, including Olam, Tolaram and Indorama, to consider listing in the Nigerian capital market. Such listings could broaden investment opportunities for Nigerian investors while strengthening financial and commercial connections between Nigeria and Asia.

For NGX Group, the engagements reflect its commitment to strengthening international relationships, supporting domestic capital-market development and positioning Nigeria to attract greater investment.