The Group Managing Director and Chief Executive Officer of the Nigerian Exchange Group, Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
Speaking during a live interview on the BBC’s ‘Newsday’ programme in London, as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to the United Kingdom, Mr Popoola noted that recent market performance, combined with greater policy clarity, is contributing to a shift in how Nigeria is perceived within the global investment community.
“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.
He explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency; as those elements become more evident, Nigeria naturally becomes more investible.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital. According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment.
“There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows,” he said.
Mr Popoola concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
Since President Bola Tinubu took office in May 2023, the Federal Government has implemented two significant reforms that have caught the eye of global investors: the removal of the fuel subsidy and the unification of foreign exchange rates.
