NGX sees Dangote Refinery IPO as a chance for African investors

The Nigerian Exchange Group (NGX Group) says the upcoming Initial Public Offering (IPO) of Dangote Refinery and Petrochemicals is a great chance for investors across Africa.

Chairman of NGX Group, Umaru Kwairanga, shared this news at the London Africa Summit on Friday. The summit focused on building better business and investment ties in Africa.

Mr Kwairanga said on Saturday that NGX is working with stock exchanges across Africa. This will help more people join in the planned IPO and strengthen local capital markets.

“We want to see the Dangote Refinery offer as an African offer and not just a Nigerian offer. That is why we invited stock exchanges from across the continent to Lagos and took them to the refinery to see what has been built,” he stated.

Representatives from Kenya, Ghana, South Africa, and other African nations visited the refinery. They came to check out its operations and investment potential.

Mr Kwairanga pointed out that investors want real proof and growth opportunities before putting in their money. “Investors are not looking for stories. Investors are looking for evidence, prospects and projections, and that is what we are bringing from Africa,” he said.

He called Africa one of the best places for investment, thanks to its young population and growing economic chances. He also mentioned that the Nigerian stock market gave returns of over 50 percent in the first five months of this year.

“There are many opportunities. With technology, investors can take part from anywhere in the world, even from their homes,” he added.

Mr Kwairanga also talked about the strong ties between the Nigerian and London capital markets. He noted that the relationship with the London Stock Exchange helps bring foreign investment to Nigeria.

He said NGX has put money into technology and market infrastructure. This supports better capital raising and improves how the market operates.

According to him, over N4 trillion raised from recent bank recapitalisation was made possible through the exchange’s technology platforms.

Mr Kwairanga shared that NGX has done international roadshows in the United States, Brazil, China, and the United Kingdom. These roadshows aimed to showcase investment chances and boost investor trust in Nigeria.

He added that recent changes like moving to a T+1 settlement cycle and longer trading hours align the market with global standards.

“We are bringing opportunities, growth and scale from Africa, while London is bringing global capital, international experience and investment depth. When these come together, they create the confidence investors need to commit capital to the continent,” he said.

Mr Kwairanga is hopeful that better cooperation between African exchanges and international financial centers will lead to more capital coming in. He believes these partnerships will also help support economic growth and develop capital markets across Africa.