Business
NGX CEO Says Nigeria’s Capital Market Gains Global Investor Interest
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.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
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