The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX) Plc, Temi Popoola, has said that Nigeria’s ongoing economic reforms are already yielding positive results by strengthening domestic capital formation and laying the groundwork for deeper partnerships with global investors.
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, Popoola drew parallels with countries such as Indonesia, Brazil, and India, where structural reforms led to robust domestic capital mobilisation and improved corporate balance sheets.
He noted that Nigeria is experiencing a similar positive response from local investors and corporates. “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.”
Popoola also highlighted the deepening capital market ties between Nigeria and the United Kingdom, noting that collaboration between the NGX and the London Stock Exchange has facilitated cross-border capital raising for companies in both jurisdictions.
Looking ahead, he said the Nigerian capital market is evolving to support larger transactions and broader wealth creation. “We see a future where capital markets go beyond facilitating capital raising to supporting business expansion and wealth creation for Nigerians,” he added, emphasising that continued modernisation and digital transformation are strengthening the country’s financial ecosystem.
During a live interview on BBC Newsday in London as part of engagements tied to President Bola Tinubu’s state visit to the United Kingdom, Popoola noted that recent market performance and greater policy clarity are contributing to a gradual re-rating of Nigeria in the eyes of global investors.
“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, making it more competitive among emerging and frontier markets. This performance, combined with reforms in the energy sector — including increased domestic refining capacity — is helping to reduce the economy’s vulnerability to external oil price shocks and further boosting investor confidence.
Popoola stressed that consistency in policy implementation will be critical to sustaining this positive shift. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He underscored the importance of sustained engagement with major financial centres like London, which serve as vital bridges connecting Nigeria’s capital market to international pools of capital.
Popoola concluded that Nigeria’s evolving market structure and ongoing reforms are enhancing its appeal as a 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.”
The NGX CEO’s comments reflect growing optimism that Nigeria’s reform agenda is beginning to translate into tangible improvements in domestic capital mobilisation and international perception of the country as an investment destination.
