The Group Chairman of the Nigerian Exchange Group (NGX), Alhaji (Dr.) Umaru Kwairanga, has called for deeper collaboration between the Nigerian and Abu Dhabi capital markets, highlighting opportunities for cross-border listings, knowledge exchange, and increased investment flows between Nigeria and the United Arab Emirates (UAE).
Speaking during a visit to the Abu Dhabi Securities Exchange (ADX) on Friday, Kwairanga commended the board and management of the exchange for their warm reception and praised the UAE’s resilience in maintaining its position as a leading global business destination despite prevailing geopolitical tensions.
He noted that the continued peace, stability, and economic progress of the UAE reflected the strong foundation laid by the country’s founding leaders and the determination of its current leadership.
“The Abu Dhabi Exchange and the UAE in general remain peaceful, operational, and a destination of choice for global business despite ongoing geopolitical challenges. This demonstrates the resilience and strength of the nation’s institutions and leadership,” Kwairanga said.
The NGX chairman highlighted the significant progress recorded by Nigeria’s capital market in recent years, revealing that both the market index and market capitalisation have more than doubled over the past few years.
According to him, Nigeria has witnessed renewed investor interest from across the globe, including from the Middle East, driven largely by ongoing economic reforms introduced by the administration of President Bola Ahmed Tinubu.
He recalled President Tinubu’s visit to Abu Dhabi earlier this year, during which the Nigerian leader engaged investors on the country’s reform agenda and investment opportunities.
Kwairanga also underscored the Nigerian Exchange’s role in advancing regional market integration through its leadership in the African Exchanges Linkage Project (AELP), an initiative designed to connect stock exchanges across Africa and facilitate seamless intra-African trading.
He said discussions during the visit would focus on areas of mutual cooperation between the NGX and ADX, including training programmes, product development, knowledge sharing, cross-border listings, and opportunities for UAE-listed companies seeking to expand into Nigeria.
The NGX chairman specifically identified the Tabadul trading platform as one area where both exchanges could explore collaboration.
Looking ahead, Kwairanga disclosed that preparations were underway for the anticipated Initial Public Offering (IPO) of the Dangote Petroleum Refinery, describing the project as one of continental significance.
He expressed optimism that the refinery, regarded as one of the largest in the world, could pursue a dual listing in a major international financial centre, while also attracting strong participation from Middle Eastern investors.
“We are preparing for the Dangote Refinery IPO, which is widely regarded as a continental project. We hope to see active participation from investors in the Middle East, with investor roadshows likely to be held in the UAE,” he stated.
Kwairanga concluded by expressing appreciation to the Abu Dhabi Exchange for the invitation, describing the engagement as the beginning of a mutually beneficial partnership between both exchanges and their respective capital markets.
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