Ugonwa Uzor-Umeaku
The Nigerian Exchange Group (NGX Group) has expressed strong interest in the potential listing of Dangote Refinery and Dangote Fertilizer on its platform, following a high-profile courtesy visit to the world’s largest single-train refinery facility on Wednesday. The visit marks a significant step toward expanding Nigeria’s capital market participation in the country’s most transformative industrial projects.
Speaking during the visit to the sprawling Dangote Refinery complex, NGX Group Chairman, Alhaji (Dr.) Umaru Kwairanga, praised the facility as “a monumental achievement” and “a symbol of Nigerian enterprise, resilience, and ambition,” while highlighting the immense potential for future capital market participation by the Dangote Group’s industrial subsidiaries.
“We look forward with great anticipation to the potential listing of both Dangote Refinery and Dangote Fertilizer on NGX,” Kwairanga stated during his remarks to the assembled capital market community.
“Such listings would mark a natural next step in the Group’s journey of transparency, market leadership, and inclusive wealth creation,” he said.
The NGX chairman emphasized that these potential listings would provide investors with unprecedented opportunities to participate in national assets that generate lasting economic value, while simultaneously deepening the country’s capital markets and enhancing liquidity for both institutional and retail investors.
The visit, which brought together prominent members of Nigeria’s capital market community, board members, management teams, and key stakeholders, underscores NGX Group’s strategic commitment to fostering deeper engagement between the nation’s capital markets and the key drivers of industrial and economic transformation.
Kwairanga took time to commend Alhaji Aliko Dangote’s longstanding and distinguished contributions to Nigeria’s capital market development, particularly highlighting his exemplary service as former President of Council of the Nigerian Stock Exchange. He said during his tenure, Dangote’s vision, leadership, and steadfast belief in the power of capital markets helped lay the crucial foundation for the progress the market celebrates today.
“Alhaji Dangote’s leadership during his time as President of Council was instrumental in shaping the modern Nigerian capital market,” the chairman noted. “His vision and commitment to market development continue to inspire our work today.”
He noted that the Dangote Group has already established a formidable and successful presence on NGX through the strategic listings of three major subsidiaries: Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc. According to him, these listings have demonstrated the Group’s commitment to corporate governance, transparency, and shareholder value creation.
“Through these listings, the Group has significantly deepened market liquidity, enhanced investor confidence, and driven long-term value creation for shareholders.
“The Group’s exemplary corporate citizenship within our market ecosystem serves as a model for other major Nigerian enterprises.”
The Dangote Refinery, with its impressive 650,000 barrels per day refining capacity, represents a transformative development for Nigeria’s energy sector and broader economic landscape. As the largest single-train refinery in the world, the facility stands as a testament to Nigerian engineering capabilities, international partnerships, and the power of private sector investment in critical infrastructure.
The refinery’s operations promise significant and far-reaching economic benefits for Nigeria, including enhanced energy security through reduced dependence on imported refined petroleum products, substantial conservation of foreign exchange reserves, and the positioning of Nigeria as a potential net exporter of refined petroleum products to regional and international markets.
Beyond its immediate operational impact, the facility is expected to generate substantial employment opportunities across the value chain, from direct employment within the refinery operations to indirect jobs in supporting industries, logistics, and services. The project represents a cornerstone of Nigeria’s industrial growth strategy and a catalyst for broader economic development.
NGX Group’s visit reflects its broader strategic vision of creating robust platforms that effectively mobilize capital for transformative enterprises across Nigeria’s economy. The organization’s commitment extends beyond traditional market operations to include fostering innovation, supporting sustainable development, and building bridges between investment capital and national development priorities.
“We remain dedicated to creating platforms that power ambition, unlock innovation, and deliver sustainable impact,” Kwairanga emphasized during his address. “Our role extends beyond facilitating trading to actively supporting the growth of enterprises that drive Nigeria’s economic transformation.”
The NGX Group has consistently worked to position itself as a catalyst for economic development, recognizing that a vibrant capital market is essential for channeling domestic and international investment toward productive uses that benefit the broader economy.
The potential listings would occur within Nigeria’s evolving regulatory framework, which continues to strengthen corporate governance requirements, enhance investor protection, and improve market transparency. NGX Group has committed to working closely with issuers, regulators, and market participants to ensure that any future listings meet the highest standards of corporate governance and regulatory compliance.
The organization’s efforts to build a capital market that is “deep, vibrant, inclusive, and globally competitive” align with broader national objectives of diversifying the economy, reducing dependence on oil revenues, and creating sustainable sources of economic growth.
The visit highlighted the critical role of private sector innovation in driving national development, with the Dangote Refinery serving as a prime example of how private investment can address national challenges while creating commercial value. The facility represents a model for other private sector initiatives that can contribute to Nigeria’s industrial transformation.
Kwairanga noted that the visit offered “more than a tour of an industrial complex” but rather “a moment of collective reflection on the power of private sector innovation, local capacity building, and the pivotal role of capital markets in financing transformative projects.”
As Nigeria continues its industrial transformation journey, the collaboration between major industrial players like the Dangote Group and capital market institutions like NGX Group signals a robust foundation for sustainable economic growth. The potential integration of Dangote Refinery and Dangote Fertilizer into Nigeria’s capital markets would create new investment opportunities while strengthening the country’s financial infrastructure.
The NGX Group’s commitment to supporting transformative enterprises reflects its understanding that capital markets must evolve to meet the changing needs of Nigeria’s economy. By facilitating access to capital for major industrial projects, the exchange plays a crucial role in supporting the country’s development objectives.
The visit concluded with expressions of mutual commitment to Nigeria’s economic development and the potential for expanded capital market participation in the country’s industrial success stories, setting the stage for continued collaboration between Nigeria’s leading industrial enterprises and its capital market infrastructure.