NGX considers dual listing with Saudi Stock Exchange

Group Chairman of Nigerian Exchange Group, Dr Umaru Kwairanga, has hinted at the proposed plan for dual listing with the Saudi Exchange, stressing that President Bola Tinubu’s economic reforms have created room for investment inflow into the country.

Kwairanga, who spoke on the sidelines of the Saudi-Africa Summit in Riyadh, stated that the meeting was an opportunity to seek cooperation between the Saudi government and Nigerian businesses.

He said the summit was an opportunity for Nigeria to showcase itself and that the new administration has come with reforms.

He said: “We believe that with our population and many other advantages, we have opportunities to showcase what we have to Africans.”

He expressed optimism over opportunities in the NGX even in the face of foreign exchange (FX) scarcity

“One of the discussions we had is on dual listing between the Saudi Stock Exchange and NGX. We had a discussion with the Minister of Environment and his officials looking at how our biggest companies quoted on NGX are going to leverage it.

“We are going to take companies like Aramco to be listed on the NGX. We intend to replicate what we did on the London Stock Exchange (LSE) with the Saudi Stock Exchange regarding dual listings.

“Last month, we were with the President of NASDAQ. We had so many discussions on many business opportunities. So, it will attract a lot of investors into the Nigerian economy and I believe this government is doing a lot regarding reforms.

“We need to come and showcase investors and you can see the way people have applauded Nigeria’s delegates that have come for this conference,” he said.