The Group Chairman of Nigerian Exchange Group (NGX Group), Umaru Kwairanga, has called on investors in the Middle East to deepen their participation in Nigeria’s capital market, citing major upcoming listings and improved market performance.
Kwairanga made the appeal during a recent visit to the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates, where he met with the exchange’s board and management to explore collaboration opportunities and potential investment inflows.
A key highlight of his engagement was the planned Initial Public Offering (IPO) of Dangote Refinery, which is expected to take place in September 2026 and is being positioned as one of the most significant listings in Africa’s capital market history.
Kwairanga described the proposed listing as a continental milestone and expressed confidence that investors from the Middle East would play a major role in the offering.
“In Nigeria, we are preparing for the Dangote Refinery IPO, which is widely seen as a continental project,” he said.
“Hopefully, the refinery, which is one of the largest in the world, will consider a dual listing in a global financial centre. We also hope to see strong participation from Middle East investors, with investor roadshows likely to be held in the UAE.”
He noted that growing international investor confidence in Nigeria’s financial markets has created new opportunities for attracting foreign capital into large-scale infrastructure and corporate listings.
According to him, the Nigerian capital market has recorded strong performance in recent years, with both the NGX All-Share Index and overall market capitalization more than doubling, reflecting increased investor participation across sectors.
Kwairanga also referenced President Bola Tinubu’s recent visit to Abu Dhabi, during which discussions focused on Nigeria’s economic reforms and efforts to attract foreign investment.
The NGX chairman’s remarks come amid rising anticipation for the Dangote Refinery IPO. According to a recent Reuters report, the company plans to offer approximately three billion ordinary shares at a proposed price of $0.35 per share, with investor interest reportedly exceeding $2 billion.
The report also indicated that investors may be required to subscribe for a minimum of one million shares, valued at $350,000, with additional purchases structured in increments of 500,000 shares.
The shares are expected to carry a 365-day lock-up period, while proceeds from the offering will support expansion plans and general corporate operations as the refinery scales production.
Beyond the refinery listing, Kwairanga highlighted ongoing efforts under the African Exchanges Linkage Project, which aims to connect stock exchanges across the continent and enhance cross-border trading.
He also called for stronger cooperation between the Nigerian Exchange and the Abu Dhabi Securities Exchange through knowledge-sharing, capacity building, and broader institutional collaboration.
Kwairanga commended the United Arab Emirates for its economic resilience and continued attractiveness to global investors, even amid geopolitical uncertainties in parts of the region.
He further reiterated the need for African capital markets to expand investment focus beyond traditional sectors such as oil and gas, banking, and manufacturing, pointing instead to emerging opportunities in the creative economy, technology, and innovation-driven industries as new frontiers for growth.
