NGX Group Chair Pushes for Deeper Nigeria-US Private Sector Ties in New York

The Group Chairman of Nigerian Exchange Group Plc, Umaru Kwaranga, has called for stronger investment and commercial ties between Nigeria and the United States, arguing that deeper capital-market participation could help Nigerian businesses expand and deliver sustainable economic value.

Speaking at the US-Nigeria Council Breakfast in New York on Wednesday, Kwaranga said relations between the two countries presented significant opportunities for increased trade, investment and private-sector collaboration.

He urged stakeholders to move beyond broad discussions about Nigeria’s economic potential and focus on converting opportunities into commercially viable projects and lasting partnerships.

“Conversations such as this are important because they allow us to move beyond broad statements about Nigeria’s potential and focus on a more practical question: how do we translate that potential into investable opportunities and lasting economic value?” he said.

Kwaranga identified financial services, technology, consumer markets, energy, infrastructure, agriculture and manufacturing as sectors with substantial growth potential. Unlocking that potential, he said, would require capital, strong institutions and partnerships capable of supporting businesses as they scale.

He described the capital market as central to that process, noting that NGX Group provides infrastructure through which companies can raise funds and investors can participate in the growth of Nigerian enterprises.

According to him, a deeper capital market would enable businesses to finance expansion, support long-term investment and provide a transparent channel for domestic and international investors to contribute to Nigeria’s economic development.

Kwaranga said the United States remained a major global source of capital, technology, expertise and business networks. He stressed, however, that Nigeria should pursue more than US participation in individual transactions.

“We should be building enduring relationships between Nigerian and American businesses, investors and institutions,” he said.

Such relationships, he added, should allow American companies to participate in Nigeria’s large market while giving Nigerian businesses greater access to capital, technology, expertise and international networks.

The NGX Group chairman also acknowledged that investors consider more than the size of an opportunity when deciding where to deploy capital. Market infrastructure, corporate governance, transparency, regulation and the ease with which funds can enter and operate in a market are also critical, he said.

He added that Nigeria’s financial ecosystem was continuing to evolve, while NGX Group remained focused on strengthening investment infrastructure, improving market access and encouraging greater participation by local and international investors.

Kwaranga placed the private sector at the centre of the Nigeria–US economic relationship, saying governments could create the framework for engagement, but businesses, investors and financial institutions must produce the transactions and partnerships that give the relationship substance.

He said investment forums should lead to practical outcomes by identifying opportunities, establishing viable business cases, determining financing requirements and connecting the appropriate partners.

“Successful investment relationships are ultimately built on trust,” he said, citing predictable institutions, credible governance, transparency, effective regulation and market integrity as essential foundations.

Nigeria’s investment strategy, he added, must go beyond attracting capital and instead create conditions in which businesses can scale, funds can be deployed productively and investors can earn sustainable returns while generating wider economic benefits.

Kwaranga also called for the bilateral economic conversation to expand beyond traditional investment sectors. He identified technology, financial services, infrastructure, sports, entertainment, creative industries and professional services as promising areas for greater commercial engagement.

Highlighting the presence of Nigeria’s National Sports Commission at the breakfast, he described sports as an increasingly important economic sector capable of attracting investment, creating jobs and generating media and commercial value. He said the industry could also support infrastructure development and international partnerships.

He reaffirmed NGX Group’s commitment to providing a credible and efficient platform through which businesses can obtain capital and investors can participate in Nigeria’s growth.

He said achieving the scale of investment Nigeria requires would depend on collaboration among governments, regulators, investors, businesses, financial institutions and international partners.

Kwaranga commended the US-Nigeria Council for convening the meeting and expressed hope that the discussions would produce practical opportunities and deeper commercial relationships between both countries.