The Chairman of the Nigerian Exchange Group, NGX, Alhaji Umaru Kwairanga has sounded the alarm over Nigeria’s ambitious drive to become a $1 trillion economy, warning that policy inconsistency could jeopardize the goal.
Speaking at the 2025 Capital Market Stakeholders Forum in Abuja, Kwairanga emphasized the urgent need for stable economic policies and consistent implementation to attract sustained domestic and foreign investments.
Nigeria has set a bold target of reaching a \$1 trillion economy within the next decade, driven by President Bola Tinubu’s administration’s reforms.
However, Kwairanga noted that despite the vision, the lack of coherent policy direction and unpredictable regulatory changes have continued to hamper long-term investor confidence.
“For Nigeria to achieve this \$1 trillion target, we must prioritize stability in our economic policies,” he said. “Investors, whether local or international, will not commit capital where the rules change midstream or where clarity is lacking. We need to build a reputation for consistency and credibility.”
Kwairanga highlighted the Nigerian capital market as a key driver of economic transformation, noting that capital markets around the world thrive on trust, transparency, and predictable regulations.
He stated that while various reforms—such as fuel subsidy removal, foreign exchange liberalization, and efforts to digitize public finance—are commendable, the execution of these policies must be sustained and refined through dialogue with the private sector.
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He urged policymakers to consult stakeholders more proactively and to align monetary, fiscal, and trade policies for coherent development.
“The capital market is ready to play its role in funding infrastructure, innovation, and enterprise,” he said. “But we need the government to meet us halfway by eliminating bottlenecks and aligning policy frameworks with long-term growth goals.”
He also addressed challenges faced by listed companies and market operators, including high inflation, volatile interest rates, and unclear tax regimes. According to him, resolving these issues is essential for the capital market to support inclusive growth.
Also speaking at the event, Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, pledged to strengthen regulatory frameworks to enhance market efficiency and investor protection.
He noted that SEC would work with NGX and other stakeholders to improve transparency, reduce barriers to entry, and promote sustainable finance products.
The forum brought together key stakeholders from government, financial institutions, capital market operators, and the private sector to chart a path toward realizing Nigeria’s trillion-dollar economy vision.
In closing, Kwairanga called on both federal and sub-national governments to view the capital market not just as a tool for raising funds but as a strategic partner in national development.
“This journey is possible, but only if we build it on a foundation of trust, consistency, and shared purpose,” he said.
As Nigeria eyes this economic milestone, industry leaders agree that the stability of the country’s policy environment will be just as important as its ambition.
NAN
