Nigeria Has Capacity to Build Africa’s Largest Stock Exchange, Says Popoola

By Benson Daniel

Nigeria has the potential to develop Africa’s largest and most influential stock exchange if ongoing economic reforms, capital market development initiatives and investor confidence are sustained, former Nigerian Exchange Group (NGX Group) Chief Executive Officer, Oscar Onyema Popoola, has said.

Popoola noted that Nigeria possesses the economic fundamentals, population size, entrepreneurial capacity and expanding financial sector required to position its capital market as the leading investment destination on the continent. He stressed that with the right policies, improved market infrastructure and greater participation from domestic and foreign investors, the country could significantly strengthen its position in Africa’s financial landscape.

According to him, deepening the capital market will require increased listings by both public and private companies, stronger regulatory oversight and the introduction of innovative financial products capable of attracting a broader range of investors. He added that improved transparency, corporate governance and investor protection remain essential to sustaining long-term market growth.

He also highlighted the importance of technology-driven trading platforms, financial inclusion and investor education in expanding participation within the capital market. These measures, he said, would encourage more Nigerians to invest while improving liquidity and market efficiency.

Financial analysts observed that Nigeria already hosts one of Africa’s largest economies and has a vibrant private sector capable of supporting a world-class securities exchange. They believe continued macroeconomic stability, exchange rate reforms and efforts to tame inflation would further enhance investor confidence and encourage additional capital inflows.

Market stakeholders also emphasised the need to increase the number of listed companies, particularly from strategic sectors such as technology, agriculture, manufacturing, telecommunications and energy. They argued that a more diversified market would provide investors with broader opportunities while strengthening the exchange’s competitiveness across the continent.

Experts further noted that collaboration among regulators, policymakers, financial institutions and the private sector would be critical to achieving the vision of making Nigeria home to Africa’s largest stock exchange. They maintained that sustained reforms and policy consistency would be key drivers in unlocking the market’s full potential.

As Nigeria continues to pursue economic diversification and deepen its financial markets, industry observers believe the capital market will play an increasingly significant role in mobilising long-term investment, supporting business expansion and accelerating national economic development.