The Nigerian Exchange Group (NGX Group) is positioning the forthcoming Initial Public Offering (IPO) of Dangote Refinery and Petrochemicals as a major continent-wide investment opportunity rather than a domestic listing.
NGX Group Chairman Umaru Kwairanga made this announcement at the London Africa Summit on Friday, revealing that the exchange has actively engaged several African stock exchanges to encourage broader regional participation and promote deeper capital market integration across the continent.
“We want to consider the Dangote Refinery offer as an African offer and not a Nigerian offer,” Kwairanga said.
As part of this strategy, representatives from stock exchanges in Kenya, Ghana, South Africa, and other African countries were invited to Lagos and given a firsthand tour of the refinery to assess its scale and investment potential.
Focus on Evidence and Prospects
Kwairanga stressed that today’s investors demand concrete evidence, realistic projections, and strong fundamentals.
“Investors are not looking for stories. Investors are looking for evidence, prospects and projections, and that is what we are bringing from Africa,” he added.
He described Africa as one of the world’s most attractive investment destinations, citing its large youthful population and growing economic opportunities. He also pointed to the strong performance of the Nigerian equities market, which posted returns exceeding 50% in the first five months of 2026.
Global and Regional Collaboration
The NGX has conducted international roadshows in the United States, Brazil, China, and the United Kingdom to showcase opportunities and build investor confidence. Kwairanga highlighted the longstanding relationship with the London Stock Exchange as instrumental in attracting global capital to Nigeria.
Recent market reforms, including the shift to a T+1 settlement cycle and extended trading hours, have further aligned the Nigerian market with global standards. The exchange has also invested heavily in technology, successfully facilitating over N4 trillion in capital raises during recent bank recapitalisation exercises.
Kwairanga expressed optimism that stronger collaboration between African exchanges and international financial centres would unlock more capital inflows, drive economic growth, and deepen capital markets across the continent.
The planned Dangote Refinery IPO is expected to be one of the largest in Africa’s history and is anticipated to draw significant interest from both local and international investors seeking exposure to Nigeria’s strategic energy sector.
