Dr. Umaru Kwairanga, the Group Chairman of Nigerian Exchange Group (NGX), has revealed plans for a potential dual listing with the Saudi Exchange.
The announcement came during the Saudi-Africa Summit in Riyadh, where Kwairanga emphasized that President Bola Tinubu’s economic reforms have opened up avenues for investment in Africa’s largest economy.
Speaking on the sidelines of the summit, Kwairanga highlighted the importance of seeking cooperation between the Saudi government and the Nigerian business environment.
He stated that the summit provided an opportunity for Nigeria to showcase itself, particularly with the recent economic reforms introduced by the new government.
“We believe with our population, and many other advantages we have opportunities to showcase, to Africans, Arabs based out of Saudi Arabia,” Kwairanga remarked.
Expressing optimism about the opportunities within the NGX despite foreign exchange challenges, he revealed discussions about dual listing between the Saudi Stock Exchange and the NGX.
“One of the discussions we had is on dual listing between the Saudi Stock Exchange and the NGX. We had a discussion with the Minister of Environment and his officials, looking at how our biggest companies quoted on NGX going to leverage this,” he said.
“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 Mr. President in 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.