Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has expressed concern over the low number of companies listed on the Nigerian Exchange, revealing that only about 150 of the more than four million companies registered in the country are currently quoted on the capital market.
Speaking at the Second Biennial Conference of the Capital Market Academics of Nigeria (CMAN), Izunaso described the situation as unacceptable and called for urgent measures to encourage more businesses to access the capital market.
According to him, Nigeria cannot effectively position itself as a competitive investment destination when such a small fraction of its registered companies are listed on the exchange.
“It is regrettable that over four million companies are registered in Nigeria, but only about 150 are listed in our market. This is absolutely wrong, and something has to happen, either directly or indirectly,” he said.
The senator questioned how the country could successfully promote its capital market to foreign investors when the number of listed firms remains so limited.
“If somebody is calling from outside the country and checks the listing board, they can only see about 150 companies. Something has to happen in this direction,” he added.
Izunaso said expanding the number of listed companies would deepen Nigeria’s capital market, improve investment opportunities and strengthen the country’s ability to mobilise long-term capital for economic development.
He noted that while the recently enacted Investments and Securities Act (ISA) 2025 has significantly modernised Nigeria’s legal and regulatory framework for the capital market by strengthening investor protection, improving market integrity and accommodating emerging financial innovations, more work remains to be done.
According to him, the reforms introduced by the legislation should be complemented by deliberate policies aimed at encouraging more companies to list on the exchange.
The lawmaker also charged members of the Capital Market Academics of Nigeria to support the growth of the market through research, teaching, policy advocacy and investor education.
He said the association has a unique responsibility to help build a financially literate society capable of supporting the long-term development of Nigeria’s capital market.
Izunaso assured stakeholders of the continued support of the Senate Committee on Capital Market for policies and legislative initiatives that would deepen the market, strengthen investor confidence and unlock Nigeria’s economic potential.
He also congratulated the leadership of CMAN, led by its President, Prof. Uche Uwaleke, for sustaining a platform that promotes dialogue among policymakers, regulators, academics and industry practitioners on issues affecting the nation’s financial markets.
The senator expressed optimism that recommendations from the conference would contribute to reforms capable of making Nigeria’s capital market more attractive to local and international investors.
