Nigeria’s capital market is undergoing a significant re-rating as global investors begin to take a fresh, data-driven view of the country’s economic outlook, according to the Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, Temi Popoola.

Speaking during a live appearance on BBC Newsday in London, Popoola said recent reforms and improved macroeconomic direction are reshaping investor sentiment towards Nigeria, positioning the country more competitively among emerging and frontier markets.

His remarks come amid heightened investor engagement during the state visit of President Bola Tinubu to the United Kingdom, where efforts are underway to deepen economic ties and attract foreign capital.

“What we are seeing is a gradual re-rating of Nigeria,” Popoola said. “Investors are beginning to look more closely at the data, the returns, the reforms and the improving macroeconomic direction, and that is changing sentiment.”

Nigeria’s equities market has recorded strong gains in recent months, a development Popoola noted is helping to recalibrate long-standing risk perceptions about the country. The improved performance, he said, is drawing renewed interest from international investors seeking higher returns in frontier markets.

Beyond market returns, structural changes in the energy sector are also playing a role. Increased domestic refining capacity and ongoing reforms are reducing the economy’s vulnerability to global oil price volatility, strengthening overall investor confidence.

Popoola stressed, however, that sustaining this positive shift will depend on policy consistency and clarity. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable,” he said.

He further underscored the importance of continuous engagement with global financial hubs such as London, describing them as critical gateways for connecting Nigeria’s capital market to international pools of capital.

With ongoing reforms and evolving market structures, Popoola said Nigeria is increasingly being viewed through a more balanced lens — one that recognises both its resilience and long-term growth potential.

“There is a broader recognition that Nigeria offers significant opportunities,” he added. “The focus now is ensuring that this recognition translates into sustained capital flows.”

The remarks signal growing optimism that Nigeria’s reform momentum is beginning to reshape its global investment narrative, potentially unlocking a new phase of capital inflows into Africa’s largest economy.

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