NGX Woos Middle East Investors for Dangote Refinery IPO During Abu Dhabi Visit
In a strategic move to deepen international financial ties and attract foreign investment, the group chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga, visited the Abu Dhabi Securities Exchange (ADX) on Friday to discuss cross-border collaboration and pitch the highly anticipated Dangote Refinery Initial Public Offering (IPO).
During his address to the ADX Board and Management, Kwairanga praised the United Arab Emirates for maintaining a peaceful and thriving business environment despite ongoing geopolitical tensions. He attributed this stability to the solid foundation laid by the nation’s founding fathers and the resilience of its current leadership.
A central focus of the visit was the rapid growth of the Nigerian capital market. He noted that the NGX’s index and market capitalisation have more than doubled over the past two years, sparking renewed interest from global investors, particularly in the Middle East. This momentum, he noted, builds on President Bola Tinubu’s recent diplomatic visits to Abu Dhabi aimed at highlighting Nigeria’s sweeping economic reforms.
Looking to the future, the NGX chairman proposed several key areas for partnership between the two exchanges. These include knowledge exchange, training programs for product development, and facilitating cross-border listings that would allow UAE-quoted companies to expand into the Nigerian market.
Kwairanga highlighted the Tabadul digital exchange hub as a primary platform for collaborative integration.
He positioned the NGX as a pioneer in the African Exchanges Linkage Project, an initiative designed to seamlessly connect stock exchanges across the continent to boost intra-African trading and broaden capital markets.
Describing the Dangote refinery as a “continental project,” Kwairanga expressed hopes for a dual listing in a major global financial center. To achieve this, the NGX is actively courting Middle Eastern capital, with plans for upcoming investor roadshows in the UAE.
“I believe this is the beginning of a mutually beneficial partnership,” Kwairanga said, signaling a new era of financial cooperation between West Africa’s largest economy and the Gulf’s financial powerhouse.
