The Nigerian Exchange Group (NGX Group) has called for stronger investment and commercial ties between Nigeria and the United States, saying deeper private-sector cooperation could help increase capital flows and support economic activity.
NGX Group Chairman Umaru Kwairanga made the call at the U.S.-Nigeria Council Breakfast in New York on Wednesday, where he highlighted opportunities for greater cooperation between Nigerian and American businesses, investors and institutions.
NGX identifies sectors with investment potential
Kwairanga identified financial services, technology, consumer markets, energy, infrastructure, agriculture and manufacturing as areas with significant opportunities for investment in Nigeria.
He said converting those opportunities into economic value would require adequate capital, strong institutions and partnerships capable of supporting businesses as they expand.
The NGX chairman also identified sports, entertainment, creative industries and professional services as additional areas where Nigeria and the United States could develop stronger commercial relationships.
The broad range of sectors reflects an approach that goes beyond traditional portfolio investment and focuses on relationships between companies, investors and institutions.
Capital markets seen as a key link
Kwairanga said Nigeria’s capital market has an important role in connecting available capital with investment opportunities.
According to him, a deeper capital market can help businesses finance expansion, support long-term investment and provide a transparent framework through which domestic and international investors can participate in Nigerian enterprises.
He described NGX Group’s role as providing infrastructure through which businesses can raise capital and investors can participate in the growth of Nigerian companies.
The comments come shortly after NGX’s handling of the Dangote Petroleum Refinery initial public offering, which the exchange has described as a significant demonstration of the capacity of Nigeria’s capital market to support large-scale businesses.
Kwairanga previously said the Dangote Refinery IPO showed that companies of substantial scale could use Nigeria’s public market to raise long-term capital and broaden ownership.
US seen as source of capital and expertise
Kwairanga described the United States as an important global source of capital, technology, expertise and business networks.
He argued that Nigeria’s engagement with the US should extend beyond individual investment transactions and develop into longer-term relationships between businesses and institutions in both countries.
Such relationships, he said, could give US companies opportunities to participate in Nigeria’s market while enabling Nigerian businesses to gain greater access to capital, technology, expertise and international networks.
The emphasis on longer-term partnerships is significant because attracting investment involves more than identifying projects that require financing. Businesses also need access to markets, technical knowledge, management expertise and networks that can support expansion.
Investor confidence remains an important issue
The NGX chairman also highlighted factors that investors consider when assessing investment destinations.
These include market infrastructure, corporate governance, transparency, regulation and the efficiency of capital flows.
Kwairanga said Nigeria’s financial ecosystem was continuing to evolve in these areas, while NGX Group was working to strengthen investment infrastructure and improve market accessibility.
Nigeria’s Securities and Exchange Commission also continues to collect information on domestic and foreign capital flows as part of efforts to improve the country’s balance-of-payments and international-investment-position statistics. Its 2026 reporting requirements cover new equity and debt investments by residents and non-residents, among other transactions.
From discussions to investment opportunities
Kwairanga said forums such as the U.S.-Nigeria Council meeting should help move discussions beyond broad statements about Nigeria’s economic potential and towards commercially viable opportunities.
He said this would require stakeholders to identify specific opportunities, establish business cases, determine capital requirements and connect suitable partners.
That distinction is important because the NGX chairman’s remarks represent a call for deeper economic engagement rather than an announcement of a new Nigeria-US investment agreement.
No specific new investment deal was announced in the statements reviewed for this report.
Instead, the focus was on creating relationships and conditions that could lead to future transactions and partnerships.
Private sector placed at centre of relationship
Kwairanga said governments could provide the framework for economic engagement, but businesses, investors and financial institutions ultimately create the transactions and partnerships that give those relationships practical substance.
He also stressed the importance of trust, predictable institutions, credible governance, transparency, sound regulation and market integrity in building lasting investment relationships.
The comments place the private sector at the centre of efforts to strengthen the economic relationship between Nigeria and the United States.
For Nigerian companies, stronger links with American investors could potentially provide access to capital, technology and international business networks. For US companies, deeper engagement could create opportunities to participate in sectors where Nigeria has identified investment potential.
What happens next
The next stage will depend on whether discussions between Nigerian and American stakeholders develop into specific investment projects, partnerships, capital-market transactions and commercial agreements.
NGX Group has said it remains focused on strengthening investment infrastructure and market accessibility, while Kwairanga called for cooperation among governments, regulators, investors, businesses, financial institutions and international partners.
The U.S.-Nigeria economic relationship therefore remains broader than the activities of the capital market alone. Technology, financial services, energy, infrastructure, agriculture, manufacturing, sports and creative industries were all identified as potential areas for increased commercial engagement.
For now, the NGX Group’s position is a call to deepen the existing economic relationship and convert discussions about Nigeria’s investment potential into specific, commercially viable opportunities.
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