NGX and Nairobi Exchange Enhance African Market Integration

The Nigerian Exchange Group (NGX) and the Nairobi Securities Exchange are intensifying efforts to foster cross-border capital-market integration. This initiative was highlighted during a high-level investor engagement in Nairobi, where stakeholders discussed enhancing connections between African exchanges.

The event coincided with the planned initial public offering of the Dangote Petroleum Refinery. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, praised NGX Group Chairman Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola for their commitment to collaboration among African capital-market institutions.

Dangote emphasized that stronger ties between African exchanges would allow companies to access capital in various markets rather than being confined to their home countries. He referenced Dangote's proposed refinery in Lamu, Kenya, as an example of the cross-border nature of African businesses.

This engagement follows a strategic meeting held by NGX Group in Lagos in April, aimed at discussing opportunities for greater cooperation among major African exchanges.