LAGOS – The Chairman, Nigerian Exchange Group, Dr Umaru Kwairanga, on Wednesday led representatives of major African capital markets on an evaluation tour of the Dangote Refinery.
A statement from the Nigerian Exchange (NGX) Group on Thursday said that the tour was part of preparations for the refinery’s proposed Initial Public Offering (IPO) on the Nigerian bourse.
Kwairanga said that the tour brought together stakeholders from major African exchanges, including the Johannesburg Stock Exchange, Nairobi Securities Exchange, and Ghana Stock Exchange.
Other exchanges represented during the tour, he said, included BRVM, Ethiopian Securities Exchange and Rwanda Stock Exchange.
Kwairanga said the visit aimed at giving capital market operators and advisers deeper insight into the refinery project ahead of its planned listing on the NGX.
The NGX boss described the President of Dangote Industries Ltd., Aliko Dangote, as a visionary entrepreneur committed to transforming Africa’s economy through industrialisation.
According to him, Dangote had consistently demonstrated the capacity to translate ambitious ideas into reality, with investments spanning key sectors such as cement, fertiliser, food and petroleum.
“The Dangote Refinery and Petrochemical Complex is a clear example of this vision.
“It represents a deliberate effort to reduce Nigeria and Africa’s dependence on imported petroleum products,” he said.
Kwairanga added that the project, described as the world’s largest single-train refinery, was already making significant contributions to Nigeria’s economy, particularly in improving the balance of payments and strengthening external reserves.
He noted that the planned public listing would provide investors across Africa the opportunity to participate in the project, stressing the need for market operators and advisers to fully understand the asset.
“We are not only here to admire this achievement, but also to evaluate it and position ourselves to support the successful execution of the IPO and its listing on the NGX,” he said.
Kwairanga commended Dangote Industries for granting stakeholders closer access to the facility and expressed optimism that the engagement would deepen collaboration within Africa’s capital markets. (NAN)
