Chairman of the Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, has called on the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) and other policymakers to harmonise policy frameworks ahead of 2026 to enhance market stability and investor confidence.
Kwairanga, speaking with the News Agency of Nigeria (NAN) on Monday, said consistent and well-coordinated policies on taxation, foreign exchange, and cross-border capital repatriation were critical to reducing uncertainty in Nigeria’s capital market.
“Policy harmonisation is critical to reducing volatility and attracting sustained foreign investment,” he said.
He stressed the need for greater regulatory clarity on core market issues, including capital gains tax, clearing and settlement efficiency, and disclosure standards, noting that these factors directly influence market confidence.
“Clear rules and efficient processes will strengthen market integrity and operational confidence,” he said.
The NGX Group chairman also urged regulators to support product innovation within the capital market, particularly through the development of derivatives, exchange-traded products, and securitised instruments.
“The development of derivatives, exchange-traded products, and securitised instruments will expand the investor base and improve risk management,” he said.
Kwairanga further advised market operators to sustain investor education initiatives, saying increased awareness would broaden participation, deepen liquidity and strengthen long-term confidence. He added that greater investment in technology and infrastructure was necessary to improve market access and operational efficiency.
Emphasising the importance of trust, he said market integrity must remain a top priority, underpinned by robust trading platforms, efficient settlement systems, and improved cross-border connectivity.
“Efficient trading platforms, settlement systems, and cross-border connectivity are essential for competitiveness.
“High standards of transparency and enforcement underpin investor trust, both domestic and international,” he said.
Kwairanga also encouraged investors and issuers to adopt long-term investment strategies, noting that diversified portfolios with longer horizons help to support market depth and capital stability. He urged market participants to leverage digital tools to lower costs and enhance transparency.
Highlighting global investment trends, he noted that strong environmental, social, and governance (ESG) practices were becoming increasingly important in attracting international capital. “ESG and sound governance are critical for sustainable valuations,” he asserted.
Reviewing market performance, Kwairanga said the Nigerian capital market delivered a commendable performance in 2025, attributing the gains to reforms, stronger corporate actions, and resilient market participation.
He expressed optimism that the progress made would position the market for greater opportunities in 2026 and beyond.
“Collaboration among investors, regulators and operators remains central to building a deeper and globally attractive capital market,” he concluded.
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