The group chairman of Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, has called for stronger regional cooperation to harness the untapped potential of West Africa’s trade and commodity markets.
Speaking at the inaugural West Africa Economic Summit (WAES) 2025 held under the theme: ‘Unlocking Trade and Investment Opportunities in the Region’, Kwairanga highlighted the critical role of capital markets and commodity exchanges in transforming the region’s abundant natural resources into organized, transparent capital that fuels industrialization and inclusive economic growth.
Kwairanga noted that, despite West Africa’s wealth of raw materials, the region continues to face a paradox of resource abundance coexisting with capital scarcity.
“As a nation and region, we are abundantly rich in raw materials, but often poor in capital outcomes. This paradox is not due to lack of resources, but due to the way these resources have historically been excluded from structured financial ecosystems. Commodities, whether agricultural, mineral, or energy, must be seen not just as tradable goods, but as investable assets capable of powering industrialization, job creation, and macroeconomic stability,” he said.
Kwairanga emphasised NGX Group’s commitment to building resilient market infrastructure that supports price discovery, clearing, settlement, and investor protection, systems that can underpin thriving regional commodity markets.
He highlighted NGX Group’s role in mobilizing capital for commodity value chains through IPOs, bonds, and structured funds, citing the success of NGX-listed companies like Presco and Okomu Oil as models for attracting long-term investment.
On the question of regional versus national commodity exchanges, Kwairanga advocated for a dual approach that combines the strengths of national platforms with the scale and integration benefits of regional frameworks.
“National exchanges address local needs and build depth, but for West Africa to unlock the full potential of commodity trade, we must connect these markets under a regional structure. Regulatory harmonization will be key, and this is where NGX Group’s experience in governance, coupled with platforms like the African Exchanges Linkage Project and the Pan-African Payment and Settlement System, can help align standards and enable seamless cross-border transactions,” he stated.
Addressing liquidity challenges, Kwairanga outlined the need for harmonized rules, trustworthy infrastructure, product innovation, and incentives to drive participation.
He called for public-private partnerships and regional integration to deepen market liquidity and ensure efficient price discovery.
He added that NGX Group remains committed to supporting cross-border investments, citing its participation in the African Exchanges Linkage Project and the increasing regional footprint of NGX-listed companies such as Dangote Cement, First Bank, Zenith Bank, Access Bank, and Ecobank.
The summit brought together key stakeholders from across West Africa to deliberate on strategies for accelerating regional integration, strengthening capital markets, and unlocking the full potential of intra-African trade.
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