Prime Highlights
- NGX Group and ADX are exploring a partnership to boost Middle Eastern investment in Africa and deepen cross-border market cooperation.
- The proposed collaboration aims to strengthen economic ties between Africa and the Gulf region while expanding investor access to growth opportunities.
Key Facts
- Nigeria’s capital market has recorded strong growth in recent years, supported by reforms and improved investor confidence.
- The planned Dangote Refinery IPO and potential cross-border listings are key areas of focus in the discussions.
Background
The Nigerian Exchange Group (NGX Group) and the Abu Dhabi Securities Exchange (ADX) are moving closer to a strategic partnership that could strengthen investment flows between the Middle East and Africa while expanding cooperation between the two capital markets.
The discussions form part of broader efforts to attract more international capital into Africa and connect investors with opportunities across some of the continent’s fastest-growing sectors. Nigeria is seeking to position its capital market as a gateway for global investors interested in industries such as energy, infrastructure, technology, manufacturing, and oil and gas.
NGX Group Chairman Dr. Umaru Kwairanga recently visited the Abu Dhabi Securities Exchange to advance talks on the proposed collaboration. He said stronger ties between the two exchanges could create new investment opportunities, support economic growth, and deepen financial links between Africa and the Gulf region.
Kwairanga noted that Nigeria’s capital market has recorded significant progress over the past two years. According to him, market capitalisation and the exchange’s index have more than doubled during that period, supported by economic reforms, rising investor confidence, and increased participation from both domestic and foreign investors. The improved performance has helped attract renewed interest from investors across several regions, including the Middle East.
A major focus of the discussions was the planned initial public offering of the Dangote Petroleum Refinery. Market leaders view the project as one of Africa’s most significant industrial investments and believe its future listing could draw substantial international capital.
Beyond the refinery, both exchanges are exploring opportunities in cross-border listings, product development, market innovation, and capacity-building programmes aimed at strengthening long-term cooperation and expanding investment opportunities between Africa and the Gulf.
