Ubong Usoro
The Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has called on West African countries to deepen regional cooperation to unlock the region’s untapped trade and investment potential.
Speaking at the 2025 West Africa Economic Summit (WAES) in Lagos, themed “Unlocking Trade and Investment Opportunities in the Region,” Dr. Kwairanga stressed that capital markets and commodity exchanges are essential to transforming natural resources into structured capital that supports industrial growth and inclusive development.
“We are a region rich in raw materials but still face capital scarcity. This is not due to a lack of resources, but the absence of structured financial ecosystems to harness them,” he said.
Commodity Exchanges as Drivers of Growth
Kwairanga emphasized that commodities—whether agricultural, mineral, or energy-based—must be seen not just as tradeable goods but as investment assets that can create jobs, stabilize economies, and support industrialisation.
He highlighted the need to strengthen capital market infrastructure to enable transparent pricing, secure transactions, and build investor confidence.
He cited companies like Presco and Okomu Oil, both listed on the NGX, as examples of how long-term capital can be attracted into the commodity sector.
“NGX remains committed to offering access to capital through public listings, bonds, and tailored investment products,” he added.
This aligns with earlier remarks by NGX CEO Jude Chiemeka, who noted that NGX is “modernising regulations, driving innovation, and creating products for SMEs and young investors to ensure broad participation.”
Regional Integration and Unified Frameworks
Kwairanga advocated for a hybrid model that supports both national commodity exchanges and regional integration. He called for harmonised regulations and shared frameworks to increase efficiency and scale across West Africa.
He said: “National exchanges are vital for local depth, but true transformation requires regional integration.”
He pointed to initiatives such as the African Exchanges Linkage Project (AELP) and the Pan-African Payment and Settlement System (PAPSS) as steps toward seamless cross-border trading and capital flows.
Tom Minney, former CEO of the Namibian Stock Exchange, echoed this sentiment, noting the importance of enabling African investors to access opportunities across borders.
Improving Liquidity and Investor Participation
To boost market liquidity, Kwairanga called for common regulatory standards, improved infrastructure, innovative financial tools, and incentives to attract both local and international investors.
Adama Soro, President of the West African Federation of Chambers of Mines, also stressed the need for dual listings and regional partnerships to allow more local investors to benefit from listed companies.
“We’re advocating for dual listings on regional exchanges to increase local participation,” he said.
NGX Supports Cross-Border Investment
In his closing remarks, Kwairanga commended President Bola Ahmed Tinubu and Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, for their leadership in convening the summit.
“Nations like the U.S. and China became economic powers because of the size and scale of their markets. West Africa can do the same through unity and coordinated growth,” he said.
He reaffirmed NGX Group’s support for regional investment, noting that companies like Dangote Cement, Zenith Bank, Access Bank, First Bank, and Ecobank are already expanding their operations across West Africa
