The Chairman of the Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, has sought for collaboration with the Shanghai Stock Exchange (SSE) to drive growth and sustainability in the Nigeria’s capital market.
Kwairanga made the call during a high-level board interaction at the Shanghai Stock Exchange headquarters in China on Tuesday.
The NGX Chairman, in a statement on Wednesday, said such partnership would stimulate growth and sustainability of capital markets in a fast-evolving global economy.
He commended SSE for its remarkable growth and innovation since its re-establishment over three decades ago, describing it as a symbol of China’s economic transformation and global leadership in finance and technology.
“With a market capitalisation exceeding six trillion dollars, the Shanghai Stock Exchange represents a beacon of innovation and progress,” he said.
Kwairanga highlighted the shared attributes between Nigeria and China, including a large, diverse population and significant public sector involvement in the economy.
He said that Nigeria could learn from China’s approach to economic expansion and financial market development.
“Nigeria, like China, has a hardworking population and a growing economy driven largely by small and medium-sized enterprises.
“Our Exchange, with over 400 listed securities and a market capitalisation of about 325 billion yuan, is small compared to yours, but we are determined to grow those numbers through strategic partnerships,” he said.
Kwairanga disclosed that the NGX’s recent transformation from a mutual company to a profit-driven public company had presented both opportunities and challenges, especially in areas of governance, regulation, technology, product development and cost efficiency.
“We know that the Shanghai Stock Exchange has likely faced and overcome similar challenges.
“We are here to learn from your success and explore areas of collaboration for mutual benefit,” he said.
Kwairanga noted that the NGX sees collaboration with the SSE as key to building resilience and ensuring relevance in an increasingly competitive and interconnected global financial landscape.
“Our presence here is not just to celebrate your success, but to initiate a journey of cooperation that will yield tremendous benefits for both our institutions,” he said.
Kwairanga reaffirmed NGX’s commitment to engaging global partners and leveraging international best practices to deepen Nigeria’s capital market.
NAN
