The Nigerian Exchange Group (NGX Group) has opened strategic talks with the Abu Dhabi Securities Exchange (ADX) to foster global partnerships and attract institutional investments into African markets.
During an official visit to the ADX, the Group Chairman of the NGX Group, Dr Umaru Kwairanga, stated that the Nigerian capital market was seeking robust collaborations with regional bourses to seamlessly connect Middle Eastern investors with rapidly growing African sectors, including power, oil, gas, and technology.
Kwairanga, while describing the visit as “the beginning of a mutually beneficial partnership, extended his appreciation to the host bourse for paving the way for future economic integration.
The NGX Group Chairman expressed high regard for the host country’s stable investment climate.
Kwairanga stated, “This is a clear demonstration of the solid foundation laid by your founding fathers and the resilience, determination and focus of your current leaders. I have no doubt that the UAE will emerge stronger from present issues.”
On the growth and aggressive expansion in the Nigerian bourse, Kwairanga said “The Nigerian Exchange Group which I chair and the Nigerian Capital Market has witnessed dramatic improvement in performance and operations over the last couple of years.
“Our index and market capitalisation has more than doubled in the last couple of years and we have been attracting renewed interest from investors from all parts of the globe, including the Middle East.
“This performance has triggered renewed global interest, building on earlier diplomatic and economic overtures made by Nigeria’s President, Bola Tinubu, who visited Abu Dhabi earlier this year to pitch the country’s ongoing economic reforms to UAE investors.” the NGX Chairman said.
A central highlight of the bilateral engagement is the highly anticipated Dangote Refinery IPO, to which Kwairanga positioned the multi-billion-dollar asset as a continental milestone that could bridge Middle Eastern capital with African industrial growth.
“In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE,” Kwairanga said.
The two bourses are seeking to build a partnership aimed at establishing structural ties and leveraging existing innovative frameworks.
The proposed alliance with the ADX will focus on areas such as cross-border listings, exchange of knowledge and training programmes especially product development, cross border listings, openings in Nigeria for UAE quoted companies that may wish to expand.
The NGX currently sits at the forefront of the African Exchanges Linkage Project, an initiative designed to link stock exchanges across multiple African nations to facilitate seamless intra-African trading and significantly broaden the continent’s capital markets.
