Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group), has highlighted the growing scale of capital formation in Nigeria and across Africa.
Popoola, at the Nigeria–Asia Financial Connectivity Dialogue in Singapore, held on October 8 and 9, 2026, where financial market leaders explored opportunities to deepen investment flows and strengthen financial connectivity between the two regions, noted that Nigeria is currently witnessing strong capital formation.
J.P. Morgan and the Central Bank of Nigeria (CBN) hosted the dialogue in collaboration with NGX Group and FMDQ Group.
Speaking on a panel moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, Popoola said Nigeria and Africa are witnessing their strongest capital formation in years.
“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,” Popoola said.
Specifically, Nigeria’s capital-raising activity reflects this momentum, with banks raising approximately N4.65 trillion under the ongoing recapitalisation programme and the Dangote Petroleum Refinery Initial Public Offering (IPO) seeking to raise N2.15 trillion.
Popoola highlighted the role of distribution infrastructure in broadening participation in the Dangote offer, noting that integration with stockbrokers, banks and fintech platforms is making subscriptions more accessible to Nigerians at home and abroad, as well as investors across Africa and beyond.
He also identified opportunities to attract more companies to the capital market, noting that agriculture, technology, infrastructure and healthcare remain underrepresented.
With private capital increasingly competing with public markets for corporate funding, he stressed the importance of demonstrating the benefits of local listings and creating an enabling environment for businesses to raise capital through the market.
These developments, he noted, reflect opportunities to expand capital formation and deepen participation in Nigeria’s capital market.
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Nigeria Deepens Capital Market Connectivity
Nigeria’s capital market has recorded developments in infrastructure and international accessibility, including the transition to a T+1 settlement cycle in June 2026 and the country’s reclassification to Frontier Market status by FTSE Russell in September.
These milestones support more efficient market operations and strengthen the framework for international investor participation.
Discussions at the dialogue covered Nigeria’s reform programme, capital mobilisation, foreign exchange market confidence and the development of deeper, more liquid markets.
The discussions formed part of broader efforts to strengthen financial connectivity and improve opportunities for investment between Nigeria, Africa and Asia.
Popoola also joined Cardoso and representatives of the CBN, FMDQ Group and J.P. Morgan for an engagement with Singapore Exchange Group (SGX Group) to explore opportunities for institutional collaboration between Nigerian market operators and their Singaporean counterparts.
The engagement builds on NGX Group’s international outreach, including interactions with the Johannesburg Stock Exchange, National Stock Exchange of India, B3 in Brazil and Nasdaq in the United States, as well as relationships with African market institutions such as the Ethiopian Securities Exchange and Nairobi Securities Exchange.
The programme also featured discussions between the CBN and the Monetary Authority of Singapore on financial-sector development, regulation and innovation. It included the signing of a Memorandum of Understanding between the CBN and the Global Finance & Technology Network to establish a framework for cooperation on financial innovation.
Through these engagements, NGX Group aims to strengthen international relationships that support domestic market development, expand access to capital for Nigerian businesses and create opportunities for global investors to participate in Nigeria’s economic growth.
