The Group Managing Director/Chief Executive Officer of the Nigerian Exchange Group (NGX), Mr. Temi Popoola, has said that both local and international capital providers are becoming increasingly crucial to Nigeria’s current drive for inclusive economic growth.
The investment expert made this remark on Tuesday at the ongoing 21st Annual African Private Equity And Venture Capital Association (AVCA) Conference and VC Summit in Lagos.
He said: “As Nigeria works to deepen its capital markets and drive inclusive economic growth, the role of both local and international capital providers has never been more critical.”
In a press release issued from the conference, Popoola pointed out that the forum underscored the essential collaboration between public and private markets, with capital markets serving as a vital bridge for unlocking value and providing structured exits for private capital.
He lauded the organisers of the conference which he described as serving as a platform for fostering dialogue, strengthening market linkages, and promoting a shared vision for Nigeria’s sustainable economic development.
Speaking on Nigeria’s capital market development initiatives, the Chief Executive Officer of AVCA, Abi Mustapha-Maduakor, noted that despite the challenges in the global investment space in the past few years, African leaders and development experts had helped in making the continent attractive to foreign investors.
He explained: “Despite the macroeconomic headwinds that have rocked global financial markets, Africa has demonstrated resilience and innovation, with Nigeria, in particular, leading the continent in the venture landscape.
“Amid shifting global dynamics, it is more important than ever that capital allocators, fund managers, policymakers, business leaders, and industry stakeholders come together to explore how private capital can deliver performance and impact”, the investment expert added.
On its recently published Nigeria Factsheet, AVCA reported that Nigeria remained at the frontline of West Africa’s private capital market, accounting for 66% of deal volume and 52% of deal value between 2020 and 2024, while at the continental level the country sealed 19% of the continent’s VC deals and serving as home to five unicorns.
A further analysis of the Factsheet data indicated that Nigeria’s pension assets, which had surpassed N18 trillion ($20 billion), represented huge untapped opportunities for private capital mobilization.
