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The Nigerian Exchange Group (NGX Group) and the Bank of Industry (BOI) on Tuesday, April 14, 2026, convened a high-level workshop in Kano to equip small and medium enterprises (SMEs) with strategies for unlocking long-term growth through the capital market.
The forum, themed _“Unlocking Growth – Harnessing the Capital Market for SME Growth”, was held at the Bristol Palace, Kano, and drew business owners, entrepreneurs, financial experts, and policymakers from across Northern Nigeria.
In his opening remark, the Chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, described SMEs as “the backbone of most economies,” noting that they account for the majority of businesses and employment globally while driving innovation and economic expansion.
“While big conglomerates and multinational companies get the big headlines, it is SMEs that promote innovation, drive employment and economic growth, and provide the big enterprises with raw materials and distribution of finished goods,” Kwairanga told participants.
Beyond Bank Loans: The Case for Long-Term Capital
Addressing a key challenge facing many growing businesses, the NGX Chairman said the natural instinct of SMEs is to expand, but that ambition is often constrained by access to suitable financing.
“I know that many of you for now rely on banks for such capital, but bank financing is usually short term and expensive because of the structure of deposit liabilities that they rely on to finance borrowers,” he explained.
He positioned the capital market as the more appropriate vehicle for entrepreneurs seeking sustainable expansion. “It is actually the capital market that offers long-term capital that matches the needs of entrepreneurs such as you. That is where the Nigerian Exchange Group comes in.”
Kwairanga marketed the Nigerian Exchange as “Africa’s premier destination for SMEs, bigger corporate organisations and governments who wish to raise long-term capital, drive growth and enhance their profiles.” He emphasized that the Exchange hosts a deep pool of local and international investors actively seeking viable businesses to finance and partner with.
Multiple Paths to Capital
Outlining the options available to SMEs, the NGX Group Chairman said financing through the Exchange could take several forms. Businesses may issue commercial papers or corporate bonds, making investors creditors entitled to repayment from operational cash flow. Alternatively, they could list shares on the Exchange, bringing new investors in as shareholders who “share in the profits and losses of your business.”
“Whichever option you choose, I can assure you that the Nigerian Exchange has an efficient listing process and very competitive pricing that will make your efforts to assess long-term capital for growth seamless and easy,” he stated.
Beyond Funding: Visibility, Credibility, Continuity
Kwairanga stressed that partnering with the NGX delivers advantages beyond capital. He cited the Exchange’s status as a “well regulated and globally recognised world-class organisation” that boosts a company’s public profile through announcements carried by reputable local and global news outlets.
He also pointed to “efficient time to market” and long-term business sustainability as key benefits. “By taking a step such as going public, your business is also assured of sustainability and continuity so that you leave a legacy even after you are no longer actively involved in the business,” he said.
Closing his remarks, Kwairanga assured participants that the NGX team was on hand to provide detailed guidance on accessing the market. “Let me assure you that it is one of the best business decisions that you will make,” he added.
Strategic Collaboration for SME Development
The workshop marks a deepening collaboration between NGX Group and BOI to bridge the financing gap for Nigerian SMEs. Organizers said the initiative aligns with broader national efforts to diversify funding sources for smaller businesses and reduce over-reliance on short-term bank credit, which often limits scalability.
Participants engaged NGX officials in technical sessions on listing requirements, corporate governance standards, and the step-by-step process for raising capital through equities and fixed-income instruments tailored for SMEs.
The event underscores growing momentum to position the capital market as a mainstream growth engine for Nigeria’s SME sector, particularly in the North, with Kano increasingly viewed as a commercial gateway for the region.
