Nigeria’s ambition to build a $1 trillion economy by 2030 presents an opportunity not just for government and big businesses, but also for ordinary Nigerians to participate in wealth creation through the capital market.
That is the message from the Chairman of Nigerian Exchange Group (NGX Group), Alhaji Umaru Kwairanga, who wants the country to expand its investor base from fewer than five million to 10 million.
Speaking at the 2026 Finance and Business Online Publishers Association (FiBOP) Conference and Awards in Lagos, Kwairanga described the capital market as a vital channel for mobilising the investment needed to finance infrastructure, expand businesses and create jobs.
He said NGX market capitalisation had grown from less than ₦50 trillion to more than ₦163 trillion since President Bola Tinubu assumed office, highlighting the market’s growing role in Nigeria’s economic landscape.
But beyond rising market valuations, Kwairanga wants more Nigerians to become investors and benefit from opportunities in the country’s expanding investment ecosystem.
Dangote Refinery Offer and the Retail Investor
One opportunity he highlighted was the Dangote Refinery equity offer, which he described as an investment proposition with significance beyond Nigeria.
According to him, the initiative is not simply about raising funds for the refinery but also about broadening public participation in the capital market and attracting investors from across Africa and other international markets.
Kwairanga said the exchange was engaging stakeholders across different countries to promote the offer, while placing particular emphasis on ensuring that retail investors are not left behind.
For him, expanding participation means making investment opportunities more accessible to ordinary Nigerians, including traders, small-business owners and other individuals who may not traditionally see the stock market as a place for them.
The underlying goal is to channel more domestic savings into productive investments while giving Nigerians opportunities to participate in the growth of businesses.
Why More Investors Matter
Kwairanga argued that Nigeria’s growing population presents enormous economic potential, but realising that potential will require substantial investment in infrastructure, enterprises and employment-generating activities.
“The trillion-dollar economy is only achievable if we attract the vast amount of capital required to finance infrastructure, establish productive and thriving enterprises, and create jobs that will allow every citizen to feel the impact,” he said.
The capital market can help bridge this financing gap by connecting businesses seeking funds with investors looking for opportunities to grow their wealth.
However, achieving broader participation will require sustained efforts to improve financial literacy, build investor confidence and communicate investment opportunities more effectively.
Kwairanga identified the media as an important partner in this effort, urging journalists and publishers to help Nigerians understand the capital market and the opportunities it offers.
He also said NGX would continue investing in technology and strengthening its operations to improve the competitiveness of the Nigerian market.
Turning Market Growth into Shared Prosperity
For Kwairanga, the next phase of capital market development must extend beyond increasing market capitalisation to bringing more Nigerians into the investment process.
His 10-million-investor target reflects a broader ambition to deepen participation and mobilise more capital for businesses and national development.
Yet, rising market capitalisation alone does not guarantee that investment gains will be widely shared. Sustained participation will depend on accessible investment products, investor education, confidence in market institutions and the performance of listed companies.
As Nigeria pursues its $1 trillion economy ambition, the challenge for the NGX is therefore twofold: attract the capital required to finance economic expansion and ensure more Nigerians can participate in the opportunities that growth creates.
Kwairanga’s message is clear: Nigeria’s economic transformation will require not only bigger businesses and more investment, but also a broader community of Nigerians investing in the country’s future.
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