The Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr) Umaru Kwairanga, has called on African leaders to urgently stem capital flight from the continent and accelerate integration of African capital markets as a pathway to economic transformation.
Dr. Kwairanga made the call at the Global Think Tank 2026 Conference themed ‘Leadership for a Prosperous Future’, convened by Ms. Arunma Oteh on Tuesday, November 2nd, 2026 in Abuja.
Speaking during a question and answer session, the NGX Group Chairman addressed why Africa has a very small share of global market capitalisation.
According to him, while lack of confidence and fragile institutions play a role, the major reason is traceable to history and geography. He noted that most markets in Africa are relatively young compared to those in the Americas, Europe and parts of Asia, and are fragmented as most are restricted to specific countries.
“Because of their relatively small sizes, there is little depth to absorb major capital flows. There has also historically been capital flight out of Africa with many of our leaders and business tycoons preferring to move wealth outside the continent,” he said.
He explained that other challenges like lack of sophisticated investment products, paucity of collective investment schemes, and few strong and viable listed companies can be traced to this history and geography.
Dr. Kwairanga urged African leaders to recognise the enormous value the continent possesses and push that story to the world while fast-tracking the development of capital markets and institutions.
“Our leaders must improve transparency and governance and put policies in place to improve entrepreneurship. We must stem capital flight and boost inflows with the argument that we have the resources, we have the needs and we can deliver higher returns than most of the developed markets outside,” he stated.
On how African markets can mobilise more domestic savings and institutional investments, the NGX Chairman said the most important step is boosting investor confidence by ensuring professionalism, integrity and high levels of transparency and disclosure at all times.
He said the Exchange is introducing more attractive products and easy-to-use channels that appeal to the technologically savvy younger generation, citing the heightened level of interest generated by the Dangote Refinery IPO.
“We need more education and enlightenment so that investors, especially retail investors, can invest in more discerning ways and avoid ponzi schemes,” he added.
He further advocated for reforms that improve income levels of citizens, reduce inflation, intensify financial inclusion, and provide fiscal incentives that reward participation in the capital market, noting that the pension reforms had already shown positive impact.
When asked to prioritise just one reform to unlock the full potential of African capital markets in the next three years, Dr. Kwairanga identified two critical areas.
“Our priority would be to accelerate the integration of African capital markets and strengthen their capacity to mobilise investment across the continent. We must create stronger connections so that businesses can access a wider pool of investors and African capital can support opportunities beyond national boundaries,” he said.
He disclosed that this is part of the vision NGX Group is advancing through stronger regional relationships and initiatives such as the African Exchanges Linkage Project.
He also stressed the need for reforms that deepen the market by bringing more viable and strong companies to list, and bringing more enterprises into the formal economy, calling for a revival of the privatisation programme of the early 2000s which he said was a great boost to the market.
