Economy
Kwairanga Seeks Alliance to Unlock Trade, Investment Opportunities in West Africa
By Aduragbemi Omiyale
To unlock the trade and investment opportunities in West Africa, efforts must be made to build a regional coalition, the chairman of the Nigerian Exchange (NGX) Group Plc, Mr Umaru Kwairanga, has submitted.
Speaking at the inaugural West Africa Economic Summit (WAES) 2025, the NGX Group chief tasked stakeholders to harness the untapped potential of the region’s trade and commodity markets.
According to him, capital markets and commodity exchanges can transform West Africa’s abundant natural resources into organized, transparent capital that fuels industrialization and inclusive economic growth.
Delivering remarks during a high-level panel on Commodities as Capital: Regional Commodities Exchange and Reserves, Mr Kwairanga noted that despite West Africa’s wealth of raw materials, it continues to face a paradox of resource abundance coexisting with capital scarcity.
“As a nation and region, we are abundantly rich in raw materials, but often poor in capital outcomes. This paradox is not due to lack of resources, but due to the way these resources have historically been excluded from structured financial ecosystems.
“Commodities, whether agricultural, mineral, or energy, must be seen not just as tradeable goods, but as investable assets capable of powering industrialization, job creation, and macroeconomic stability,” he said at the event themed Unlocking Trade and Investment Opportunities in the Region.
Mr Kwairanga emphasized NGX Group’s commitment to building resilient market infrastructure that supports price discovery, clearing, settlement, and investor protection, systems that can underpin thriving regional commodity markets.
He highlighted NGX Group’s role in mobilizing capital for commodity value chains through IPOs, bonds, and structured funds, citing the success of NGX-listed companies like Presco and Okomu Oil as models for attracting long-term investment.
On the question of regional versus national commodity exchanges, Mr Kwairanga advocated a dual approach that combines the strengths of national platforms with the scale and integration benefits of regional frameworks.
“National exchanges address local needs and build depth, but for West Africa to unlock the full potential of commodity trade, we must connect these markets under a regional structure.
“Regulatory harmonization will be key and this is where NGX Group’s experience in governance, coupled with platforms like the African Exchanges Linkage Project and the Pan-African Payment and Settlement System, can help align standards and enable seamless cross-border transactions,” he stated.
Addressing liquidity challenges, the chairman outlined the need for harmonized rules, trustworthy infrastructure, product innovation, and incentives to drive participation, calling for public-private partnerships and regional integration to deepen market liquidity and ensure efficient price discovery.
Beyond the panel discussions, Mr Kwairanga commended the vision of President Bola Tinubu of Nigeria and the Minister of Foreign Affairs, Mr Yusuf Tuggar, for spearheading the summit.
“There is power in unity and prestige in size. The great economic powerhouses of the 21st century, such as the United States and China have risen to prominence partly because of the scale of their markets. A united West Africa can achieve the same if we work together on initiatives like this,” he said, expressing optimism that the summit would produce actionable frameworks to reduce trade barriers, encourage regional investment, and fast-track economic growth across ECOWAS.
NGX Group, he added, remains committed to supporting cross-border investments, citing its participation in the African Exchanges Linkage Project and the increasing regional footprint of NGX-listed companies such as Dangote Cement, First Bank, Zenith Bank, Access Bank, and Ecobank.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
