Popoola: Macroeconomic Reforms, Others Reshaping Nigeria’s Capital Market

Kayode Tokede

The  NGX Group Chief Executive Officer,  Mr. Temi Popoola has expressed that Nigeria’s capital market is consolidating its position as a structured gateway to the African market, underpinned by macroeconomic reforms, digital platforms, and expanding investor participation.

He stated this at a recent Pan-African Investment Lounge hosted by Radiant Collective Capital (RCC).

Speaking on the theme “Global Economic Outlook 2026 & Overview of the Nigerian Stock Exchange: Opportunities and Market Structure,” he highlighted how Nigeria’s ongoing reforms are translating into tangible investment opportunities, particularly for women and diaspora investors. The virtual session brought together women professionals, founders, and business leaders from across Africa and the diaspora.

Reflecting on Nigeria’s 2025 adjustment phase, Popoola noted that difficult but necessary reforms, alongside improved price discovery, have laid the foundation for more sustainable growth in 2026.

He pointed to the NGX All-Share Index’s 51.19per cent gain in 2025, attributing the performance to improvements in corporate earnings, dividend consistency, and economic reforms, rather than speculative activity.

“Capital is becoming increasingly selective globally. What we are seeing in Nigeria is a market that has embraced reforms, strengthened transparency, and invested in resilient infrastructure,” Popoola said. “The focus is on building an investable platform that supports long-term economic growth.”

He underscored the role of inclusive participation in deepening market resilience, noting a growing proportion of women investors among new retail accounts. Referencing a recent telecommunications public offer in which women accounted for 76per cent of more than 110,000 new investor accounts,

Popoola said broader participation contributes to healthier markets through longer investment horizons, disciplined accumulation, and more risk-aware decision-making. “Women don’t just participate in markets; they help stabilize them,” he added.

Looking ahead to 2026, Popoola identified five interconnected pillars shaping Nigeria’s investment landscape: global geopolitical shifts creating alternative supply-chain opportunities; strengthening macroeconomic stability with projected GDP growth of 4.4per cent; renewed foreign portfolio investment driven by improved transparency and attractive yields; closer coordination between fiscal and monetary policy; and greater asset utilisation through new listings and infrastructure-linked instruments.

He also emphasised that future market growth will increasingly be driven by technology, sustainability, and strategic partnerships. Digital platforms such as NGX Invest are expanding access and transparency across the primary market, while ESG-linked initiatives, including the NGX Net-Zero project, support long-term market resilience and risk management. Partnerships with regulators and key market stakeholders, he noted, remain central to sustaining investor confidence.

The session set the stage for deeper collaboration between NGX Group and women-led investment networks across the continent.

Popoola said NGX Group plans to build on this engagement with targeted investor education initiatives in 2026, focusing on digital market access, sector-specific opportunities, and structured pathways for diaspora investment.