The Group Managing Director/Chief Executive Officer of the Nigerian Exchange Group (NGX), Temi Popoola, has stated that both local and international capital providers are increasingly critical to Nigeria’s drive for inclusive economic growth.
He made this comment at the ongoing 21st Annual AVCA Conference and VC Summit, an Africa-focused private capital gathering in Lagos.
“As Nigeria works to deepen its capital markets and drive inclusive economic growth, the role of both local and international capital providers has never been more critical,” Popoola asserted, according to a press statement from the conference shared with Naijaonpoint on Tuesday.
The conference brings together business leaders, policymakers, and private capital allocators from around the world to exchange strategies, collaborate, and unlock opportunities to generate returns and support Africa’s development.
Popoola emphasized that the conference underscores the essential synergy between public and private markets, with capital markets serving as a vital bridge for unlocking value and providing structured exits for private capital.
Commenting on Nigeria’s capital market drive, Abi Mustapha-Maduakor, CEO of AVCA, said: “Despite the macroeconomic headwinds that have rocked global financial markets, Africa has demonstrated resilience and innovation, with Nigeria, in particular, leading the continent in the venture landscape.”
“Amid shifting global dynamics, it is more important than ever that capital allocators, fund managers, policymakers, business leaders, and industry stakeholders come together to explore how private capital can deliver performance and impact.”
Naijaonpoint earlier reported AVCA’s release of its Nigeria Factsheet, which highlights the country’s leadership in West Africa’s private capital market—accounting for 66% of deal volume and 52% of deal value between 2020 and 2024.
Naijaonpoint reports that the Nigerian Exchange Limited (NGX) experienced remarkable growth in 2024, as a wave of equity listings and capital-raising initiatives propelled market metrics.
Total market capitalization surged by 53.37% year-to-date, rising from N40.918 trillion to N62.76 trillion, while the All-Share Index (ASI) advanced by 37.65%, closing the year at 102,926.40 basis points.
This significant expansion was driven by the listing of 269.942 billion shares, valued at N5.839 trillion, across multiple sectors.