NGX CEO Temi Popoola says Nigeria’s capital market is undergoing a re-rating, attracting global investors due to policy clarity, reforms, and strong returns

Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group, says Nigeria’s capital market is experiencing a re-rating as global investors reassess the country’s economic trajectory and investment potential.

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Speaking on BBC Newsday during President Bola Tinubu’s state visit to the United Kingdom, Popoola highlighted that recent market performance and greater policy clarity are reshaping international perceptions of Nigeria.

“What we are seeing is a gradual re-rating of Nigeria. Investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said.

Popoola noted that Nigeria’s equity market has delivered strong returns, helping to recalibrate risk perceptions and attract renewed interest from international investors.

He added that improvements in domestic energy refining and ongoing sector reforms reduce exposure to external oil price shocks, boosting confidence.

“Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable,” he said, stressing the importance of sustained engagement with global financial centres such as London.

He also underscored that ongoing reforms and a stronger market structure are positioning Nigeria as a viable destination for long-term investment.

Since May 2023, the Federal Government has implemented key ‘pain-for-gain’ reforms, including fuel subsidy removal and FX unification, that have caught global investors’ attention.

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Popoola concluded that Nigeria is increasingly being viewed through a balanced, data-driven lens, reflecting both resilience and long-term growth potential.