Alhaji (Dr) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) says NGX is ready to explore opportunities to strengthen cross-listing frameworks between NGX and the Nairobi Securities Exchange (NSE) during a bilateral meeting in Nairobi, Kenya.
Kwairanga maintained that such collaboration with the NSE will enable issuers to access deeper pools of capital and broaden investor participation across both regions. It would also lead to robust discussion on the potential for co-ordinated efforts to attract African multinationals and high-growth companies to list within African markets rather than offshore exchanges.
The NGX Chair expressed appreciation for the opportunity to engage and acknowledged the Nairobi Securities Exchange’s role as one of Africa’s leading capital market institutions and a critical gateway to East African capital flows during the meeting with the Chairman of NSE, Mr. Kiprono Kittony.
He emphasised the importance of sustained peer-level engagement among African exchange leaders, particularly at a time when the continent is advancing economic integration and capital market modernisation. He also noted that stronger collaboration among African exchanges is no longer aspirational, but increasingly necessary to improve market depth, liquidity, competitiveness, and global relevance.
Speaking on market developments & strategic momentum within the NGX, Kwairanga
highlighted the strong performance of Nigeria’s capital market over the past two years, supported by banking sector recapitalisation, macro-economic reforms and improving investor confidence.
He also noted that the NGX All-Share Index has ranked among the world’s top-performing equity indices, reflecting renewed domestic and international interest in Nigerian equities. He also made reference to the recent decision by FTSE Russell to reclassify Nigeria to Frontier Market status, effective September 2026, describing it as a significant milestone expected to enhance international investor participation and expand capital inflows into the market.
During the meeting, Kwairanga briefly highlighted NGX Group’s broader transformation agenda, including technology modernisation, market development initiatives, sustainability leaderships and regional partnerships.
Other key issues proposed by the NGX Group Chairman at the meeting included:
Product Innovation & Market Development:
- Exchange perspectives on ETFs, derivatives, fixed income products, and other innovative instruments that can deepen African capital markets and improve investor diversification opportunities.
- Explore the feasibility of future pan-African investment products that leverage the strengths of both markets.
Technology, Data & Market Infrastructure:
- Share insights on trading infrastructure modernisation, market surveillance systems, cybersecurity resilience, and the growing strategic value of market data services.
- Discuss opportunities for knowledge exchange around operational efficiency and digital market expansion.
Sustainability & ESG Leadership:
- Recognise that both exchanges play important roles in advancing sustainable finance and corporate governance standards across the continent.
- Explore opportunities for collaboration on ESG disclosure frameworks, sustainability-linked products, and capacity-building initiatives for listed companies and market participants.
Investor Participation & Financial Literacy:
- Discuss collaborative initiatives to deepen retail participation and strengthen investor education across African markets, particularly among younger demographics and digitally enabled investors.
Advancing the African Capital Markets Integration Agenda:
- Reference the broader continental integration agenda under the African Continental Free Trade Area (AfCFTA) and the African Exchanges Linkage Project (AELP).
- Emphasise that deeper cooperation among African exchanges will be essential to mobilizing long-term domestic capital and reducing overreliance on external markets.
- Position NGX Group and NSE as natural strategic partners capable of helping shape the next phase of Africa’s capital market integration and institutional collaboration.
- Express NGX Group’s continued support for stronger engagement through the African Securities Exchanges Association (ASEA) and other continental platforms.
In his closing remarks, Kwairanga proposed the establishment of working-level engagement teams to identify actionable collaboration opportunities arising from the discussion and expressed openness to future bilateral engagements, reciprocal visits or joint initiatives on the sidelines of regional and international capital market events.
He reaffirmed a shared commitment to building more integrated, resilient, liquid, and globally competitive African capital markets.
