NGX Group Chairman Unveils Dual Listing Plans with Saudi Exchange Amid Economic Reforms

Dr. Umaru Kwairanga, the Group Chairman of the Nigerian Exchange, NGX Group, has revealed plans for a dual listing with the Saudi Exchange.

Speaking at the Saudi-Africa summit in Riyadh, Kwairanga highlighted the economic reforms spearheaded by President Bola Tinubu, creating a conducive environment for investment in Africa’s largest economy.

Emphasizing the potential of the Nigerian business landscape, Kwairanga stated, “We believe with our population, and many other advantages we have opportunities to showcase, to Africans, Arabs based out of Saudi Arabia.”

The summit, he noted, provided a platform to seek cooperation between the Saudi government and Nigeria’s business environment, showcasing the country’s commitment to reforms.

Addressing challenges such as foreign exchange scarcity, Kwairanga expressed optimism about the NGX’s prospects.

He revealed discussions on dual listing with the Saudi Stock Exchange, intending to replicate successful initiatives with the London Stock Exchange.

The plan involves bringing major companies like Aramco to be listed on the NGX, attracting a diverse range of investors into the Nigerian economy.

Reflecting on recent engagements, including a presence at NASDAQ with President Tinubu, Kwairanga commended the government’s reform efforts.

The move towards dual listing signifies a strategic step in aligning Nigeria with global financial markets, fostering economic growth and international investment opportunities.