The Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has identified the growth of small and medium-sized enterprises (SMEs) as a critical strategy for tackling unemployment, stimulating industrial development and accelerating Nigeria’s economic growth.
Kwairanga said encouraging entrepreneurs to establish and expand businesses would create employment opportunities for the country’s growing youth population while increasing local production of essential goods and services.
He made this known on Thursday, November 12, 2026, in a goodwill message at the National Industrial and Entrepreneurship Policy Summit, held at the Merit House Auditorium, Abuja.
The summit was organised by the Institute of Professional Industrialists and Management Development.
Kwairanga, who commended the institute for providing a platform to advance discussions on industrial development, entrepreneurship and sustainable economic growth, said Nigeria must deliberately strengthen its industrial base, support enterprise development and create an enabling environment for businesses to thrive.
He described industrialisation and entrepreneurship as essential drivers of economic transformation, noting that they promote job creation, stimulate innovation, encourage local production and enhance the country’s competitiveness.
According to him, Nigeria must develop an ecosystem that enables businesses, particularly SMEs, to grow into sustainable enterprises capable of competing in regional and international markets.
He described the summit as timely, given the urgent need to provide employment and economic opportunities for Nigeria’s growing youth population.
“The task cannot be left to government alone, given its finite resources and the enormous needs of the country,” he said.
He argued that one of the most effective ways of reducing unemployment was to encourage entrepreneurs to establish small and medium-scale businesses capable of generating jobs while meeting the country’s demand for goods and services.
The NGX Group chairman also identified access to patient, long-term capital as a major requirement for building a sustainable industrial and entrepreneurial ecosystem.
He said the capital market remained a critical platform for connecting businesses with the financing needed to expand operations, invest in productive capacity and create long-term economic value.
Kwairanga explained that beyond providing access to funding, the capital market promotes transparency, strengthens corporate governance and supports the development of resilient businesses capable of attracting investments and surviving across generations.
He noted that the objectives of the summit aligned with NGX Group’s commitment to wealth and value creation for companies and individuals through financial intermediation.
According to him, the Nigerian Exchange contributes to business development and infrastructure financing by providing platforms through which governments and corporates can raise capital, alongside regulated and seamless trading in securities.
He added that recent developments in Nigeria’s capital market had demonstrated the capacity of both domestic and international investors to support significant capital formation.
This, he said, presented an opportunity to strengthen the relationship between the country’s financial markets and productive sectors of the economy.
However, Kwairanga cautioned that access to financing alone would not guarantee sustainable industrial development.
He identified policy consistency, infrastructure investment, innovation, institutional collaboration and a business-friendly environment as equally important factors required to encourage enterprise growth and reward productivity.
On regional trade opportunities, he urged Nigerian businesses to position themselves to benefit from the African Continental Free Trade Area (AfCFTA), which provides access to a much larger continental market.
He stressed that maximising the opportunities offered by the agreement would require stronger domestic industries, competitive enterprises and deeper financial markets.
Kwairanga therefore challenged participants at the summit to move beyond identifying challenges and concentrate on developing practical and implementable solutions capable of strengthening Nigeria’s industrial capacity and unlocking opportunities for entrepreneurs.
He emphasised that building a prosperous economy required collective efforts from government, financial institutions, industry leaders, entrepreneurs and policymakers.
The NGX Group chairman also expressed appreciation to the organisers for recognising his contributions and those of his team through an Award of Excellence.
He described the recognition as an acknowledgement of the progress recorded by the Nigerian Exchange Group over the past decade and an encouragement to achieve more.
He reaffirmed NGX Group’s commitment to supporting capital formation, enterprise development and sustainable economic growth in Nigeria.
Comment here