Dangote Petrochemicals, a subsidiary of Dangote Refinery and Petrochemicals, is on track to be listed on the Nigerian Exchange (NGX) this month, giving retail and institutional investors an opportunity to buy shares in one of Africa’s largest petrochemical companies.
Chairman of the Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, confirmed that the company has submitted its application for regulatory approval and could make its debut on the Exchange before the end of June. “Dangote Refinery has already applied for their petrochemical listing, and we are working to ensure their inclusion before the end of the second quarter,” Kwairanga said.
He noted that the listing is expected to boost market capitalization, attract more investments, and enhance the performance of the NGX.
By introducing a major player in the oil and gas sector to the capital market, investor confidence is likely to grow. He emphasized that this development supports President Bola Tinubu’s economic vision to grow Nigeria’s GDP to $1 trillion by 2030.
Kwairanga also highlighted the importance of deepening Nigeria’s capital markets, pointing out that the current market capitalization is still under 20% of GDP—significantly lower than South Africa’s Johannesburg Stock Exchange, which surpasses its national GDP.
He underscored NGX’s commitment to financial inclusion and innovation, mentioning the launch of NGX Invest, a digital platform to simplify primary market offers and improve financial literacy among youths and NYSC members. Additionally, the Exchange is engaging institutional investors, enhancing its product offerings with ETFs, derivatives, and ethical investment options.
On a broader scale, Kwairanga pointed to NGX’s initiative to integrate African capital markets, allowing Nigerian investors to trade shares listed in other African countries like Ghana. This cross-border investment strategy, he said, aims to build a more interconnected and vibrant financial ecosystem across the continent.
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