SPX founding CEO reflects on exchange’s 30-year journey

Fiji Airports chief executive officer Mesake Nawari was only 25 when he was recruited to start the South Pacific Stock Exchange (SPX). He says he had “nothing to lose” by taking the job.

Mr Nawari received the Lifetime Achievement Award at the SPX Annual Awards 2026 at the Grand Pacific Hotel in Suva on Saturday night.

“It’s very humbling,” he said.

“Didn’t realise it’s going to be 30 years later, going to be what it is today.”

He said the Reserve Bank of Fiji drove the planning but needed someone to carry it out.

Trading began on 1 July 1996 from an office across the road from the Fiji Development Bank building. Four companies were listed.

“We had 18 reps on the floor bidding. It was an exciting day for us,” he said.

Mr Nawari said the Capital Markets Development Authority Act came into effect in December 1996 because the exchange had already started.

He said Fijians must learn to save before they invest.

“Fijians need to first learn the saving culture, because you have to save before you can invest,” he said.

He said foreign investors were the key to growth.

“The key thing to drive in the stock market is foreign investors,” he said, adding that they usually came through agents on the ground.

Mr Nawari said capital markets were not just about shares and pointed to green and blue bonds.

Fiji Airports must raise $2.3 billion to fund the airport, he said, and would look at other options locally, abroad or both.