Lagos — The Nigerian capital market is poised for a significant boost as Dangote Petrochemicals prepares for its highly anticipated listing on the Nigerian Exchange (NGX), a move expected to elevate market performance and attract fresh investment into the nation’s bourse.
Chairman of the NGX Group, Dr. Umaru Kwairanga, shared optimism over the development, noting that the listing of one of Africa’s largest petrochemical firms will inject momentum into the local market, raise capitalisation levels, and bolster investor confidence at a crucial time for the economy.
Kwairanga also underscored that this strategic move aligns closely with President Bola Tinubu’s economic blueprint, particularly the administration’s bold ambition to grow Nigeria’s GDP to $1 trillion by the year 2030. He pointed to key market reforms — including the potential partial divestment of NNPC Limited and the listing of other major oil and gas entities — as pivotal to this target.
Speaking on the anticipated impact, he confirmed that the Dangote Refinery had submitted its application for the listing of its petrochemicals division, with efforts underway to ensure its formal inclusion on the NGX by the close of Q2 2025.
He stressed that the expansion and deepening of Nigeria’s capital markets remain critical for long-term infrastructure development and broader economic formalisation. However, Kwairanga expressed concern that Nigeria’s market capitalisation still lags behind international benchmarks, hovering at under 20% of GDP—far below South Africa’s Johannesburg Stock Exchange, which surpasses its national GDP.
To counter this, NGX is investing in digital transformation. Kwairanga highlighted NGX Invest, a newly launched digital platform aimed at simplifying access to market offers while fostering financial literacy among underserved demographics — including students, NYSC members, and young professionals.
He also outlined NGX’s broader engagement strategy, targeting institutional players such as pension funds and mutual funds, while rolling out sophisticated investment instruments like ETFs, derivatives, and faith-based financial products to cater to a more diverse investor base.
Further emphasizing the Group’s pan-African vision, Kwairanga revealed ongoing efforts to integrate regional capital markets, enabling seamless cross-border trading between Nigeria and other African exchanges such as Ghana. The initiative seeks to build a stronger, interconnected financial network across the continent.
By Enoch Odesola | June 8, 2025
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