Economy
Capital Market Activity Should Align With National Economic Agenda—Kwairanga
By Aduragbemi Omiyale
The chairman of the Nigerian Exchange (NGX) Group Plc, Mr Umaru Kwairanga, has joined others to call for a unified action on capital formation.
At the 2025 Chartered Institute of Stockbrokers (CIS) National Workshop held at the Presidential Villa, Abuja, he stressed the importance of aligning capital market activity with the broader national economic agenda.
Mr Kwairanga also underscored the market’s role in financing infrastructure, supporting enterprise, and attracting both local and foreign investment as Nigeria pursues sustainable growth.
This view was also shared by the chief executive of the exchange, Mr Temi Popoola, who urged stakeholders to align their efforts toward building a market capable of mobilizing long-term capital and advancing Nigeria’s $1 trillion economy aspiration.
He described the market’s recent resurgence as a direct outcome of deliberate reforms, improved macroeconomic signals, and technological advancements across market infrastructure.
While acknowledging the momentum, he stressed that sustaining progress would require coordinated action among industry players, regulators, and policymakers to strengthen industries, empower institutions, and deepen market structures.
“The capital market stands at a pivotal point in Nigeria’s economic journey and with deliberate reforms and a strong regulatory environment, we have an opportunity to position the market as a key enabler of long-term capital formation, one that supports industries, empowers institutions, and scales our economy to new heights,” he submitted.
Mr Popoola highlighted NGX Invest, a platform designed to simplify market access for investors and issuers, which has already facilitated over N2 trillion in primary market transactions.
This, he noted, reflects growing confidence in the market and demonstrates what can be achieved when industry players, regulators, and institutions work in concert.
“These achievements are testament to what is possible when market operators, professionals, and institutions pull in the same direction,” Mr Popoola remarked, adding that stockbrokers play an indispensable role in product innovation, investor education, and expanding access to the capital markets.
On his part, the chairman of the Council of CIS, Mr Oluropo Dada, affirmed the institute’s commitment to fostering professionalism and integrity within the capital market, noting that a resilient and ethical market is critical to sustaining investor confidence and deepening participation.
Also, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, underscored the agency’s role in enabling capital formation as a core mandate of the market.
“Beyond investor protection and market development, our responsibility is to build a market where we can pool resources to power national growth. A $1 trillion economy may be a tall order, but with deliberate effort and the right structures, it is within reach,” Mr Agama stated, stressing that achieving this target will depend on collaborative effort across all segments of the financial market ecosystem.
On her part, the Minister of State for Finance, Ms Doris Anite, underscored the administration’s recognition of the capital market as a critical partner in financing national development.
“If we are to meet our ambitious targets, we must expand access to long-term capital, foster investor confidence, reinforce institutional frameworks, and above all, forge stronger linkages between capital markets and the real economy,” she stated, reaffirming the federal government’s commitment to working with stakeholders to streamline policies, deepen the fixed-income market, and expand access to green and impact finance instruments.
Representing Vice President Kashim Shettima, the Special Adviser to the President on Economic Affairs, Mr Tope Fasua, lauded the capital market’s recent performance, noting that the surge in market capitalization reflects renewed investor confidence and the early impact of bold reforms, calling on stakeholders to maintain momentum through innovation, policy advocacy, and ethical market conduct.
“The journey to a $1 trillion economy is ambitious, but it is achievable. It requires sustained commitment, collaborative effort, and a shared vision from all stakeholders, government, regulators, market operators, and investors,” Mr Fasua said.
The workshop served as a platform for aligning the perspectives of industry leaders, regulators, and policymakers on the need to strengthen Nigeria’s capital market as a cornerstone of economic expansion.
As the country pursues its ambition of achieving a $1 trillion economy, the collective resolve of stakeholders to deepen market capacity, foster professionalism, and promote innovation will be critical to ensuring that the capital market plays its rightful role in shaping the nation’s economic future.
By Adedapo Adesanya
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.
Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.
However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.
“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.
“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.
“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”
Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”
He noted that the response given by the committee was that its members had not met on the issue.
“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.
“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.
In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.
The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.
The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.
By Dipo Olowookere
A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.
However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.
Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.
On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.
The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.
Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.
According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.
The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.
The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.
The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.
The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.
The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.
Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.
Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.
“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.
Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.
“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.
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