NGX CEO: Popoola Highlights Nigeria’s Growing Capital Formation at Singapore Dialogue

Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group Plc (NGX), emphasized the surge in capital formation in Nigeria and Africa at a recent financial connectivity dialogue in Singapore. Speaking at the Nigeria-Asia Financial Connectivity Dialogue on October 8-9, 2026, Popoola pointed out that Nigeria and the African continent are experiencing their strongest capital formation in years.

The dialogue attracted policymakers, investors, international financial institutions, and market infrastructure providers to discuss opportunities for deeper investment flows and stronger financial connectivity between the region.

Popoola highlighted significant capital-raising activities in Nigeria, with banks raising around N4.65 trillion under the ongoing recapitalization program and the Dangote Petroleum Refinery IPO aiming to raise N2.15 trillion. These developments signal a boost in capital formation and expanded participation in Nigeria's capital market.

Recent progress in Nigeria's capital market includes a transition to a T+1 settlement cycle in June 2026 and the country's reclassification to a Frontier Market status by FTSE Russell in September. These milestones serve to improve market efficiency and create a more conducive environment for international investors.

The dialogue also included discussions on strengthening financial connectivity and improving investment opportunities for Nigeria, Africa, and Asia. CBN Governor Olayemi Cardoso participated in a fireside chat, emphasizing the importance of investor confidence for sustaining long-term capital flows. He stressed that the real test of reform lies in creating confidence for capital to remain, return, and grow, citing credible monetary policy, stronger governance, better market functioning, and predictable regulation as essential for sustained investment.

Popoola also engaged with representatives from CBN, FMDQ Group, and J.P. Morgan in a session with the Singapore Exchange Group (SGX) to explore collaboration opportunities between Nigerian and Singaporean market operators. This engagement is part of NGX Group's international outreach, which includes interactions with various exchanges, such as the Johannesburg Stock Exchange, National Stock Exchange of India, B3 in Brazil, and Nasdaq in the United States.

Additionally, the group has established relationships with African market institutions like the Ethiopian Securities Exchange and Nairobi Securities Exchange.

The dialogue also featured discussions between the CBN and the Monetary Authority of Singapore on financial-sector development, regulation, and innovation. The CBN and the Global Finance & Technology Network signed a Memorandum of Understanding to establish a framework for cooperation on financial innovation. By fostering these international relationships, NGX Group aims to support domestic market development, increase capital access for Nigerian businesses, and create opportunities for global investors in Nigeria's economic growth.