The Nigerian Exchange Group (NGX) says the planned initial public offering (IPO) of the Dangote Refinery and Petrochemicals will be marketed as a pan-African investment opportunity, rather than a purely domestic Nigerian listing, as efforts intensify to attract wider regional and global capital.
NGX Group Chairman Umaru Kwairanga made the remarks at the London Africa Summit on Friday, saying the exchange was engaging multiple African stock markets to broaden participation in the anticipated offer and deepen cross-border capital market integration.
“We want to consider the Dangote Refinery offer as an African offer and not a Nigerian offer,” Kwairanga said in a statement released on Saturday.
He said stock exchanges from across the continent had been invited to Lagos and taken on site visits to the refinery to assess its scale, operations and investment potential ahead of the listing.
Representatives from Kenya, Ghana, South Africa and other African markets reportedly participated in the visit, as part of efforts to build investor confidence and regional buy-in.
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According to Kwairanga, the strategy reflects a broader shift in how African capital markets are positioning large-scale infrastructure and industrial assets — not just as national projects, but as continental investment vehicles.
“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.
The Dangote Refinery, one of the largest in the world, is seen as a flagship industrial project for Nigeria and a key asset in reducing the country’s reliance on imported refined petroleum products. Its planned listing is expected to be one of the most significant equity market events in Africa in recent years.
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Kwairanga described Africa as an increasingly attractive investment destination, pointing to its young population, growing consumer markets and expanding infrastructure pipeline.
He noted that Nigeria’s equities market had recorded strong performance, delivering returns of more than 50 percent in the first five months of the year, underscoring renewed investor interest in the region.
The NGX chairman also highlighted efforts to modernise Nigeria’s capital market infrastructure, including technology upgrades and reforms aimed at improving efficiency and aligning with global standards.
These include the introduction of a T+1 settlement cycle and extended trading hours, measures designed to enhance liquidity and attract foreign investors.
Kwairanga said more than N4 trillion had been raised through recent banking sector recapitalisation exercises, facilitated by NGX’s upgraded digital trading systems.
He added that the exchange had conducted investor roadshows across major global financial centres, including the United States, Brazil, China and the United Kingdom, to showcase opportunities in Nigeria’s capital markets.
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The NGX also continues to maintain close ties with the London Stock Exchange, a relationship officials say has helped channel international capital into Nigerian assets over the years.
“When these are combined, they create the confidence investors need to commit capital to the continent,” Kwairanga said, referring to the partnership between African exchanges and global financial hubs.
Analysts say the proposed Dangote Refinery IPO, if successfully executed, could significantly deepen liquidity in African markets and provide a benchmark for future cross-border listings on the continent.
