Dr Umaru Kwairanga, Chairman, Nigerian Exchange Group (NGX), has called for stronger economic and commercial ties among West African countries to unlock the region’s full economic potential.
In a statement by the Exchange on Sunday in Lagos, Kwairanga was quoted to have made the call while speaking at the inaugural West Africa Economic Summit (WAES).
The NGX Chairman said, “There is power in unity and strength in size. The great economic powers of the 21st century, such as the United States and China, have risen partly due to their large populations and territorial reach.
“A united Africa, particularly West Africa, can aspire to such global influence if we pursue integration initiatives like this.”
Kwairanga noted that many economic opportunities in the region remained untapped due to neglect and avoidable barriers.
He emphasised, however, that forums like the summit would help address the underutilisation of intra-African trade and fast-track regional economic development.
Highlighting the role of NGX in regional economic integration, Kwairanga said that the Group had aligned with key continental initiatives.
He said that this included the African Exchanges Linkage Project, which seeks to connect 18 stock exchanges across Africa to enable cross-border trading and data exchange.
“Several companies listed on the NGX, such as Dangote Cement, Zenith Bank, Access Bank, First Bank, and Ecobank, already have subsidiaries in other West African countries.
“As an Exchange, we are ready to support more companies with regional expansion ambitions,” he said.
Kwairanga expressed optimism that the summit would yield actionable policies to reduce trade barriers, facilitate inter-country business operations, and promote easier movement of people across West Africa, without compromising security.
He said, “If we can agree on practical frameworks to enhance trade and commercial activity within the sub-region, we will not only strengthen our individual economies but also position West Africa for greater relevance in the global economic order.”
He reaffirmed NGX’s commitment to supporting efforts that drive regional economic transformation. He commended President Bola Tinubu and the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, for their foresight in initiating the summit and ensuring its successful execution within a short timeframe.