The Chairman of the Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, has provided insights into an ambitious plan for dual listing with the Saudi Exchange, shedding light on the pivotal role played by President Bola Tinubu’s economic reforms in creating an environment conducive to increased investment in Nigeria. Speaking on the sidelines of the Saudi-Africa Summit in Riyadh, Kwairanga underscored the significance of the meeting as an opportunity to forge collaborative ties between the Saudi government and Nigerian businesses.
According to Kwairanga, the summit served as a platform for Nigeria to showcase itself on the global stage, particularly emphasizing the comprehensive reforms introduced by the new administration. He remarked, “We believe that with our population and many other advantages, we have opportunities to showcase what we have to Africans.”
Expressing optimism in the face of foreign exchange (FX) scarcity, Kwairanga delved into the discussions held regarding the prospect of dual listing between the Saudi Stock Exchange and the Nigerian Exchange Group (NGX). He elaborated on fruitful conversations with the Minister of Environment and officials, exploring how Nigeria’s largest companies listed on NGX could leverage this opportunity.
The Chairman revealed strategic plans to bring prominent entities like Aramco to be listed on the NGX, drawing parallels with successful dual listings achieved on the London Stock Exchange (LSE) and the Saudi Stock Exchange. Kwairanga shared insights from recent engagements, stating, “Last month, we were with the President of NASDAQ. We had so many discussions on many business opportunities.”
Conclusion: NGX
Highlighting the potential for attracting a surge of investors into the Nigerian economy, Kwairanga commended the government’s proactive stance on implementing reforms. He emphasized the necessity to present a compelling case to investors and lauded the positive reception Nigeria’s delegates received at the conference.
