“The true test of any market is not entry, but exit,” said Popoola, during a presentation to investors last week.

Nigeria’s markets have historically been constrained by foreign exchange illiquidity, repatriation delays, and limited depth. However, reforms introduced since 2023, including the unification of exchange rates, have improved price discovery and capital mobility, Popoola said.

Domestic investors now account for about 91% of market activity, providing a stable base for liquidity, while foreign participation is beginning to recover selectively as conditions improve.

Recent transactions are also helping to reshape investor perceptions. A divestment by Africa Capital Alliance in Aradel Holdings delivered a 3.4 times dollar return, demonstrating the potential for large-scale exits through the public market, according to the exchange.

“Foreign capital hasn’t disappeared, it has become more disciplined,” Popoola added, noting that investors are re-engaging where there is greater clarity on execution and exit pathways.

Nigeria remains one of Africa’s largest markets, with a population of more than 240 million and total market capitalisation exceeding ₦187 trillion.

Popoola further said that the country’s relevance is increasingly tied not just to its size, but to its ability to intermediate capital through more functional market structures.

While acknowledging that challenges remain, including liquidity concentration and macroeconomic volatility, he said these are transitional rather than structural constraints.

“Nigeria’s markets are not yet frictionless, but they are no longer static,” he said.

The reclassification, from “Unclassified” to “Frontier Market,” was approved by the FTSE Russell Index Governance Board following recommendations from its Equity Country Classification Advisory Committee and Policy Advisory Board.

It will take effect from September 2026, with the outcome announced as part of the March 2026 interim review and communicated to investors across key global markets.

The decision reflects sustained improvements in Nigeria’s market infrastructure, accessibility, and overall investability, driven in large part by enhancements to the Nigerian Exchange (NGX) platform. These include strengthened trading systems, improved settlement processes, and increased transparency, all of which have contributed to a more efficient and accessible market environment for domestic and international investors.

According to the FTSE Quality of Markets assessment, Nigeria recorded “Pass” ratings across several core criteria, including regulatory oversight, capital repatriation, brokerage competitiveness, tax framework, and settlement efficiency, with a T+2 settlement cycle in operation. These gains reflect deliberate efforts to align market operations with global standards and improve the investor experience.

While acknowledging this progress, the review also highlighted areas for further development, including foreign exchange market depth, transaction cost efficiency, derivatives market availability, and certain custody and clearing mechanisms. Addressing these gaps will require continued coordination across regulators, market operators, and the broader financial ecosystem.

FTSE Russell noted that its country classification process combines detailed technical assessment with input from global institutional investors, ensuring that both structural conditions and real-world investor experience are reflected. The organisation also commended Nigerian market authorities for their continued engagement.

Commenting on the development, the Group Managing Director/Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola, said:

“This milestone reflects the strength of collaboration across Nigeria’s capital market ecosystem, but importantly, the deliberate efforts to strengthen the underlying market infrastructure that supports efficient trading, transparency, and investor access. At NGX Group, we have remained focused on building a more resilient, accessible, and globally competitive platform, and this reclassification affirms the progress made. We will continue to work closely with regulators, market operators and stakeholders to deepen reforms, address identified gaps, and sustain momentum towards higher market classifications.”

The Frontier Market designation is expected to enhance Nigeria’s visibility among global asset managers and index-tracking funds, potentially unlocking new capital inflows and broadening participation in the market.

As global investors increasingly prioritise markets with strong infrastructure, transparency, and accessibility, Nigeria’s re-entry into the FTSE Frontier Market universe underscores the critical role of market infrastructure in enabling capital formation and connecting local opportunities to global capital.

At the center of discussions was the planned listing of the Dangote Petroleum Refinery, positioned as a test case for cross-border capital formation and investor participation across African markets. The session, which brought together Alhaji Aliko Dangote GCON, President and CEO of Dangote Group, and the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, focused on expanding access to capital and developing efficient pathways for issuers to raise funds across multiple African markets.

Speaking on the broader imperative of integration, Kwairanga, set the tone: “Africa’s economic future will depend on how effectively we connect our markets and mobilize our own capital. Strengthening collaboration among exchanges is essential to building resilient financial systems that support long-term growth across the continent,” he noted.

Also commenting, Popoola, emphasised the importance of collaboration in unlocking Africa’s capital market potential: “What we are building is not just about facilitating individual transactions, but about creating a sustainable framework that allows African capital to move more efficiently across borders. Deeper collaboration among our exchanges will be critical to unlocking liquidity and positioning Africa as a competitive global investment destination,” he said.

Speaking on the broader imperative of integration, Kwairanga, set the tone: “Africa’s economic future will depend on how effectively we connect our markets and mobilize our own capital. Strengthening collaboration among exchanges is essential to building resilient financial systems that support long-term growth across the continent,” he noted.

Also commenting, Popoola, emphasised the importance of collaboration in unlocking Africa’s capital market potential: “What we are building is not just about facilitating individual transactions, but about creating a sustainable framework that allows African capital to move more efficiently across borders. Deeper collaboration among our exchanges will be critical to unlocking liquidity and positioning Africa as a competitive global investment destination,” he said.

Providing regulatory perspective, Emomotimi Agama, Director-General of the Securities and Exchange Commission, underscored the significance of the engagement: “This moment represents a major step in our ambition to integrate Africa’s capital markets. It is about creating a unified investment landscape where African capital can be mobilized to finance Africa’s development. The Commission remains committed to supporting this process and ensuring its success,” he said.

Aliko Dangote, President of Dangote Group, emphasised the long-term vision underpinning the planned refinery listing and its broader significance for African investors: “Our objective is to create sustainable wealth for Africa by ensuring that Africans can invest in and benefit from world-class assets built on the continent. We are building businesses with strong foreign currency–earning capacity and will continue to list these assets, giving investors across Africa the opportunity to participate in their growth,” he said.

Chief Executives and senior representatives of the JSE, GSE, ESX, BRVM, and NSE also spoke, each affirming the importance of greater exchange collaboration:
“What is being developed here has the potential to reshape Africa’s capital markets. Addressing fragmentation through stronger alignment among exchanges will be key to unlocking liquidity, expanding access, and positioning Africa for sustained growth,” they said.

Discussions also examined frameworks to support multi-jurisdictional listings, aggregation of investor demand through intermediaries, and improvements in cross-border settlement and market infrastructure.

Widely regarded as the world’s largest single-train refinery, the Dangote Petroleum Refinery is expected to strengthen Nigeria’s capital market while contributing to broader economic objectives, including reducing reliance on imported petroleum products and supporting foreign exchange earnings.

The Lagos engagement marks a concrete step in building the infrastructure required to realize a truly integrated African capital market, and reinforces NGX Group’s commitment to ensuring that African capital flows more freely across borders in support of the continent’s long-term development.

Culled from BusinessDay

As part of its week-long programme, NGX hosted over 200 secondary school students from Covenant Child Academy, Testimony College, and Green Pastures High School through its flagship X-Tour initiative. The immersive session introduced students to the fundamentals of financial literacy, capital markets, and responsible investing, offering early exposure to wealth-building principles. Representatives from NGX and NGX Regulation guided participants on key considerations before investing, as well as common warning signs to watch for when evaluating investment opportunities. The session reinforced the importance of cultivating positive money habits to support sound financial decisions in the future.

This was highlighted during a strategic visit by the Honourable Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman-Ibrahim, to NGX Group, which culminated in a ceremonial Closing Gong to signal a shared commitment to expanding financial access and unlocking opportunities for women across the country.

Welcoming the Minister, the Group Chairman of NGX Group, Alhaji (Dr.) Umaru Kwairanga, commended the Ministry’s leadership in promoting women’s development and economic participation. He stated, “Women are central to Nigeria’s economic progress. As we work towards a more inclusive and resilient economy, the capital market remains a vital platform for expanding access to finance, supporting women-led enterprises, and enabling broader participation in wealth creation. NGX Group remains committed to partnering with the Ministry to drive sustainable impact and empower the next generation of women leaders.”

Also speaking, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, emphasized the importance of deliberate inclusion. “Behind every successful market are women. For Nigeria’s capital market to reach its full potential, we must be intentional about empowering women as active participants. Current participation levels do not yet reflect our population or potential. Collaborations like this send a strong call to action for more women across Nigeria to engage with the market and contribute to national growth.”

In her remarks, Hajiya Imaan Sulaiman-Ibrahim underscored the urgency of inclusion in achieving national economic ambitions. “The capital market reflects our collective choices, who participates, who has access, and who benefits. Women remain underrepresented in formal finance despite their critical role in Nigeria’s productivity. Through strategic partnerships and targeted interventions, we are working to change this narrative and expand opportunities for women across the economy. Achieving a one-trillion-dollar economy requires the full participation of Nigerian women.”

The Group Managing Director/CEO of NGX Group, Temi Popoola, highlighted the Group’s role in enabling broader access through innovation. “At NGX Group, we are building a dynamic and inclusive market ecosystem that expands access to investment opportunities and supports diverse participants. Through partnerships such as this, we are unlocking new pathways for women to participate as investors, entrepreneurs, and wealth creators.”

The engagement convened key stakeholders across the public and private sectors, reinforcing a shared commitment to advancing gender inclusion and sustainable development. In attendance were the Chairman, House Committee on Women Affairs, Honourable Kafilat Ogbara; CEO, Tafawa Balewa Square Management Board, Ms. Lucia Shittu; Director-General, National Theatre, Mrs. Tola Akerele; former Chairman, Access Bank Plc, Dr. Dere Awosika; Chairman, Board of Trustees, WIMBIZ, Mrs. Ebisan Akisanya, alongside other members of WIMBIZ; Founder, WISCAR, Mrs. Amina Oyagbola; as well as Board Members of NGX Group. Also present were the CEO, Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka; CEO, NGX Regulation Limited, Mr. Femi Shobanjo; and CEO, Central Securities Clearing System (CSCS) Plc, Mr. Shehu Shantali.

The Closing Gong Ceremony underscored a renewed commitment by NGX Group and the Ministry to deepen collaboration and implement impactful initiatives that advance women’s inclusion and support Nigeria’s long-term economic development

Speaking during a live interview on BBC Newsday in London, as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to the United Kingdom, Popoola noted that recent market performance, combined with greater policy clarity, is contributing to a shift in how Nigeria is perceived within the global investment community.

“What we are seeing is a gradual re-rating of Nigeria. Investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction and that is changing sentiment,” he said.

He explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.

He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.

Popoola emphasized that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”

He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.

According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”

Popoola concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential

The benchmark index rose 1.55% to close at 201,474.89 points, up from 198,407.30 points in the previous trading session. This brings the month-to-date (MTD) return of the ASI to 4.48% and the year-to-date (YTD) return to 29.47%, reflecting strong market momentum. Market capitalisation expanded to ₦129.33 trillion, up from ₦127.36 trillion previously, as large-cap stocks led gains across the market.

Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, described the milestone as a sign of growing confidence in Nigeria’s capital market. “Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively. Increased participation by local investors, improving corporate fundamentals, and continued market modernisation are reinforcing the role of the capital market as a catalyst for long-term wealth creation and sustainable economic growth.”

Trading activity remained robust, with total deals rising to 72,700 while investors exchanged 948.1 million shares valued at ₦49.15 billion. Financial services stocks dominated transactions by volume, reflecting heightened investor interest in the sector.

Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, attributed the milestone to sustained demand and active participation across the market. “Crossing the 200,000-point mark reflects strong investor engagement and consistent demand across key sectors. At Nigerian Exchange Limited, we remain focused on deepening market liquidity, enhancing trading infrastructure, and ensuring efficient price discovery to support a resilient and transparent marketplace.”

Among the top gainers for the session were BUA Cement Plc, Premier Paints Plc, John Holt Plc, Guinea Insurance Plc, and FTN Cocoa Processors Plc, while decliners included VFD Group Plc, Royal Exchange Plc, Omatek Ventures Plc, Sovereign Trust Insurance Plc, and Regency Alliance Insurance Plc.

The latest milestone highlights the sustained momentum in Nigeria’s equities market, which continues to attract growing interest from both domestic and institutional investors.

Popoola made this known while speaking at the Nigeria–United Kingdom Investment Roundtable organised by the Nigerian Investment Promotion Commission in collaboration with the Commonwealth Enterprise and Investment Council in London.

Drawing comparisons with countries such as Indonesia, Brazil and India, Popoola noted that economies that implemented structural reforms often witnessed strong domestic capital mobilisation and strengthened corporate balance sheets.

According to him, Nigeria is currently experiencing a similar trend as local investors and corporates increasingly respond to policy reforms. “The real test of reforms is what local capital does and how domestic corporates respond,” Popoola said. “In Nigeria today, local capital is playing a very strong role. Markets were up more than 50% last year, issuers are raising new capital, retail investors are returning to the market, and corporate balance sheets and governance standards are improving.”

He also highlighted the strong capital market relationship between Nigeria and the United Kingdom, noting that collaboration between the Nigerian Exchange Group and the London Stock Exchange has helped facilitate cross-border capital raising for corporates in both jurisdictions.

Looking ahead, Popoola said Nigeria’s capital market is positioning itself to support larger transactions and broader wealth creation opportunities. “We see a future where capital markets go beyond facilitating capital raising to supporting business expansion and wealth creation for Nigerians,” he said, adding that continued market modernisation and digital transformation are strengthening the country’s financial ecosystem.

Also speaking at the roundtable, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the Federal Government’s reform agenda aimed at restoring macroeconomic stability, strengthening fiscal sustainability and attracting long-term investment into the country.

Meanwhile, the Governor of Lagos State, Babajide Sanwo-Olu, emphasized Lagos’ role as a leading economic hub in Africa and spoke about the state government’s collaboration with TheCityUK to further develop Lagos as a global financial and investment centre. He also invited participants to the upcoming Lagos Investment Forum scheduled to take place in June.

Earlier in her welcome remarks, the Chief Executive Officer of the Nigerian Investment Promotion Commission, Aisha Rimi, noted that the roundtable was aimed at strengthening investment partnerships between Nigeria and the United Kingdom.

She was joined by Lord Marland of the Commonwealth Enterprise and Investment Council, who underscored the importance of collaboration between governments, investors and private sector institutions in unlocking new investment opportunities across the Commonwealth.

The Nigeria–United Kingdom Investment Roundtable brought together policymakers, investors and business leaders to explore opportunities for deeper investment collaboration between both countries as Nigeria continues to implement wide-ranging economic reforms.

Aligned with the UN Women theme “Rights, Justice, Action – For All Women and Girls,” the event, held during the Nigerian Exchange Closing Gong Ceremony, served as a call for sustained action to advance gender equality and expand women’s participation in economic leadership.

Delivering the welcome address, Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, emphasized the critical role capital markets must play in shaping inclusive economic growth. “Capital markets are powerful engines for economic transformation. When women participate fully as leaders, entrepreneurs, and investors, markets become stronger, deeper, and more resilient. At NGX Group, we remain committed to advancing policies, partnerships, and platforms that expand opportunities for women and accelerate inclusive prosperity,” he said.

Delivering special remarks, Honourable Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, commended NGX Group and its partners for advancing gender inclusion through the initiative. “I congratulate NGX Group and its partners for sustaining this important global movement and for championing gender equality within our financial ecosystem. Together, let us continue to open the doors of opportunity so the next generation of women can lead with confidence and help transform our world,” she said.

Chioma Uzodimma, First Lady of Imo State, called for collective action to expand opportunities for women and girls. “As we sound the NGX Gong today, let it symbolize our shared pledge to protect every girl child, expand opportunities for every woman, and build an inclusive economy where every woman and girl can flourish,” she said.

Jude Chiemeka, Chief Executive Officer of Nigerian Exchange, emphasized the importance of broadening women’s participation in the capital market ecosystem. “When more women participate in the market as investors and professionals, we deepen the market and strengthen the foundation for sustainable growth,” he said.

Claude Owona, Regional Industry Manager for Financial Institutions at the International Finance Corporation (IFC) for Central Africa and Anglophone West Africa, underscored the role of capital markets in translating gender equality commitments into real economic outcomes. “Ring the Bell for Gender Equality is both symbolic and practical, because capital markets do not just reflect economies, they shape them. When women have equitable access to finance, leadership opportunities, and safe, inclusive workplaces, companies perform better and economies grow stronger. At IFC, we are proud to partner with NGX Group on market‑driven solutions that expand women’s participation as leaders, entrepreneurs, and employees, recognizing that inclusive growth is not aspirational, it is investable, and it is essential for long‑term resilience and shared prosperity,” she said.

Media entrepreneur and founder of EbonyLife Media, Mo Abudu, encouraged women to pursue their ambitions with clarity and confidence. “For me, it comes down to four things, purpose, passion, progress, and power. Find your purpose, let passion fuel your journey, stay consistent even when challenges arise, and most importantly, stand firmly in your power. Do not shrink,” she said.

Award-winning actor and filmmaker Funke Akindele urged women to pursue their ambitions with discipline and courage. “To every woman out there, you can do it. But beyond the words, we must put in the hard work, build structure into our businesses, and do things the right way. It takes courage to take the first step even when you’re not ready, courage to stay consistent when no one is clapping, and courage to hold firmly to your vision,” she said.

The Ring the Bell for Gender Equality ceremony celebrated the contributions of women to Nigeria’s capital markets and the broader economy while reinforcing the need for sustained action to close gender gaps in leadership, finance, and opportunity.

The 2026 edition was organized in collaboration with global partners including the International Finance Corporation (IFC), UN Women, the World Federation of Exchanges (WFE), the United Nations Global Compact, and the Sustainable Stock Exchanges Initiative (SSEI).

The event also featured the participation of female board members of NGX Group of companies, Ojinika Olaghere, Fatima Wali-Abdulrahman, Lilian Olubi, Ummahani Ahmad Amin, Amina Mohammed, and Fiona Ahime, alongside key ecosystem leaders including Onome Komolafe, Divisional Head, Business Services and Client Experience, CSCS Plc; Jumoke Olaniyan, Group Chief Strategy Officer, NGX Group; Uto Ukpanah, Chairperson, UN Global Compact Network Nigeria; and Mrs. Omowumi Akingbohungbe, Executive Director, WIMBIZ.

As the closing gong sounded, stakeholders echoed a common message: advancing gender equality requires more than dialogue. It requires sustained collaboration, deliberate action, and a collective commitment across governments, institutions, and markets to expand opportunities for women and girls.

Through initiatives such as Ring the Bell for Gender Equality, NGX Group and its partners continue to champion inclusive markets, recognizing that empowering women is essential to building stronger capital markets and a more resilient economy.

Culled from BusinessDay