The Nigerian Exchange Group (NGX Group) is seeking to attract more companies operating in Nigeria to list on the domestic capital market as it steps up efforts to draw long-term foreign investment and deepen market liquidity.
Temi Popoola, group managing director and chief executive officer of NGX Group, said stronger institutional collaboration, policy consistency and international financial connectivity would be critical to improving investor confidence and expanding access to capital for Nigerian businesses.
He spoke at the Nigeria-Asia Financial Connectivity Dialogue in Singapore, held on October 8 and 9, 2026, which brought together policymakers, investors and financial-market leaders to explore investment opportunities between Nigeria and Asia.
The programme was hosted by JPMorgan and the Central Bank of Nigeria (CBN), in collaboration with NGX Group and FMDQ Group.
Popoola said Nigeria and the wider African continent were experiencing renewed momentum in capital formation, creating opportunities to expand participation in the capital market and channel more investment into productive sectors.
‘We are witnessing a level of capital formation in Nigeria and on the continent that we really haven’t seen in a very long time,’ he said.
He stressed that developing Nigeria’s capital market required coordinated action among financial institutions, regulators and policymakers rather than isolated initiatives.
Liquidity, foreign exchange stability and policy consistency remain important considerations for international investors assessing Nigeria, he said.
Popoola also identified agriculture, technology, infrastructure and healthcare as sectors with opportunities to attract more companies to the capital market, potentially widening investment options and improving access to long-term funding.
Nigeria’s transition to a T+1 settlement cycle in June 2026 and its reclassification to Frontier Market status by FTSE Russell in September are among recent developments that could improve market accessibility and strengthen its appeal to international investors.
Speaking at a separate fireside chat, CBN Governor, Olayemi Cardoso said the sustainability of capital inflows would depend on Nigeria’s ability to build lasting investor confidence through credible monetary policy, stronger governance, improved market functioning and predictable regulation.
‘The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,’ Cardoso said.
The discussions also examined lessons from Singapore’s capital-market development during a visit by Nigerian delegates to Singapore Exchange Group (SGX Group).
Popoola, Cardoso, Zeal Akaraiwe, chief executive officer of FMDQ Group, and other delegates met with Loh Boon Chye, chief executive officer of SGX Group, and its leadership team to discuss regulatory credibility, policy consistency and institutional coordination in building deeper capital markets.
A key area of interest was encouraging companies with significant operations in Nigeria, including Olam, Tolaram and Indorama, to consider listings on the Nigerian Exchange.
Such listings could give domestic investors greater access to businesses operating in the Nigerian economy while strengthening financial and commercial links between Nigeria and Asia.
Separately, the CBN held discussions with the Monetary Authority of Singapore on financial-sector development, regulation and innovation. The programme also featured the signing of a memorandum of understanding between the CBN and the Global Finance and Technology Network to establish a framework for cooperation on financial innovation.
For Nigeria, attracting more foreign investment through the capital market will depend not only on international engagement but also on the consistency of domestic policies and the depth of investment opportunities available to investors.
The NGX Group said the engagements formed part of its efforts to strengthen international relationships, expand access to capital for Nigerian businesses and position the domestic market to benefit from global investment flows.