NGX chairman seeks stronger Nigeria-UAE capital market partnership

By Taiye Olayemi

The Group Chairman of Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, has called for stronger Nigeria-UAE capital market cooperation.

Kwairanga made the call during a visit to the Abu Dhabi Securities Exchange (ADX) on Friday.

He held discussions with the board and management of the exchange on investment opportunities.

In a statement to News Agency of Nigeria (NAN), Kwairanga said both markets could explore knowledge sharing and training programmes.

He added that partnerships in product development and cross-border listings could strengthen market integration.

“This is to strengthen market integration between Africa and the Middle East,” he said.

The NGX chairman said Nigeria’s capital market had recorded significant growth in recent years.

He noted that market capitalisation and the benchmark index had more than doubled.

According to him, the development reflects renewed investor confidence in Nigeria’s capital market.

Kwairanga disclosed that Nigeria was preparing for the anticipated Dangote Refinery initial public offering (IPO).

He described the refinery project as a continental venture with significant investment potential.

“Nigeria is preparing for the Dangote Refinery IPO, which is seen as a continental project,” he said.

He said there was strong interest in attracting Middle East investors to the offering. Kwairanga added that roadshows for the IPO could be held in the United Arab Emirates. He also said discussions on a possible dual listing in a global financial centre were ongoing.

“Hopefully, the refinery, one of the biggest in the world, will consider a dual listing,” he said.

He expressed hope for active Middle East investor participation through planned roadshows.

Kwairanga attributed rising investor interest partly to ongoing Federal Government economic reforms. He recalled President Bola Tinubu’s earlier engagement with Abu Dhabi investors on Nigeria’s reforms.

The NGX chairman also highlighted the exchange’s role in the African Exchanges Linkage Project. He said the initiative connects African exchanges to promote intra-African trading.

According to him, it will expand opportunities across the continent’s capital markets.  He expressed optimism that talks with ADX would create fresh collaboration opportunities.

Kwairanga highlighted platforms such as Tabadul as possible areas for cooperation.

He commended the resilience of the UAE economy and capital market. The NGX chairman said this was in spite of geopolitical tensions affecting parts of the region.

He noted that the UAE’s stability reflected strong foundations established by its leaders.

(NAN)