The Nigerian Exchange Group (NGX Group) and the Abu Dhabi Securities Exchange (ADX) are exploring a strategic partnership aimed at attracting more Middle Eastern investments into Africa and deepening cross-border capital market activities.

The proposed collaboration comes as Nigeria seeks to position its capital market as a gateway for global investors looking to tap opportunities in key sectors such as energy, infrastructure, technology, oil and gas on the continent.

Speaking during an official visit to the Abu Dhabi Securities Exchange, Chairman of NGX Group, Dr Umaru Kwairanga, said the Nigerian capital market is pursuing stronger alliances with leading regional exchanges to connect institutional investors from the Middle East with Africa’s fast-growing economies.

Kwairanga described the engagement as the beginning of a mutually-beneficial relationship that could unlock new investment opportunities and strengthen economic ties between Africa and the Gulf region.

According to him, the United Arab Emirates (UAE) has created a stable and attractive investment environment that offers valuable lessons for emerging markets seeking long-term growth.

“This is a clear demonstration of the solid foundation laid by your founding fathers and the resilience, determination and focus of your current leaders. I do not doubt that the UAE will emerge stronger from the present issues,” he said.

The NGX chairman noted that Nigeria’s capital market has recorded significant growth over the last two years, driven by economic reforms, improved investor confidence and increasing participation from both domestic and foreign investors.

He said the Nigerian Exchange has witnessed a sharp rise in market capitalisation and stock market performance, attracting renewed interest from global investors, including those from the Middle East.

“The Nigerian Exchange Group, which I chair, and the Nigerian capital market have witnessed dramatic improvement in performance and operations over the last couple of years. Our index and market capitalisation have more than doubled during the period and we have been attracting renewed interest from investors from all parts of the globe, including the Middle East,” Kwairanga said.

He added that the improved market performance is building on the economic diplomacy efforts of President Bola Tinubu, whose engagements with investors in the UAE have helped to showcase Nigeria’s reform agenda and investment opportunities.

A major focus of the discussions was the planned initial public offering (IPO) of the Dangote Petroleum Refinery, which Kwairanga described as a transformative African project capable of attracting substantial international capital.

According to him, the refinery’s expected listing could serve as a bridge between Middle Eastern investors and Africa’s industrial growth ambitions.

Beyond the Dangote Refinery listing, both exchanges are exploring opportunities to establish stronger institutional ties through cross-border listings, product development initiatives, market innovation and capacity-building programmes.