The Nigerian Exchange Group (NGX Group) and the Nairobi Securities Exchange (NSE) have advanced efforts to deepen cross-border collaboration.
This is as Nigerian and Kenyan market stakeholders met in Nairobi on Tuesday to explore opportunities to strengthen connections between the two markets and across Africa.
The engagement took place at the Dangote Petroleum Refinery IPO High-Level Investor Engagement hosted by the Nairobi Securities Exchange, with leaders of both exchanges examining how African capital markets can work more closely to facilitate investment flows and listings across the continent.
President and chief executive of Dangote Industries Limited, Aliko Dangote, who was present at the forum, said stronger collaboration among African exchanges could create opportunities for companies to access capital across multiple African markets, rather than limiting their capital-market presence to their home countries.
He cited the planned Dangote refinery in Mokowe-Lamu as an example of the opportunities that could emerge from stronger integration, suggesting that companies with operations across the continent should be able to consider listings in more than one African market.
The Nairobi engagement builds on a strategic meeting convened by NGX Group in Lagos in April, which brought together leaders of major African exchanges to discuss cross-border market connectivity and opportunities to strengthen collaboration among African capital markets.
Speaking at the forum, the GMD/CEO Nigerian Exchange Group, Temi Popoola said the significance of the engagement extends beyond any single transaction.
“When we began this engagement, our objective was continental: to bring African exchanges together and explore how we can create stronger connections between African capital markets,” Popoola said.
He noted that “Kenya represents an important first step in translating that ambition into practical collaboration. We see this engagement with the Nairobi Securities Exchange as a model that can be strengthened and potentially replicated across other markets on the continent.”
Popoola said the broader objective is to strengthen relationships between African markets and facilitate greater cross-border access to capital-market opportunities.
The initiative also aligns with wider continental efforts, including the African Exchanges Linkage Project (AELP), to strengthen connectivity and facilitate cross-border trading and investment among African exchanges.
The broader significance of the Nigeria–Kenya engagement comes into sharper focus with the planned groundbreaking of Dangote’s proposed 700,000-barrel-per-day refinery in Lamu.
The project, which is intended to serve the East African market, reflects the scale of cross-border business and investment opportunities emerging across the continent.
Also speaking, the chief executive officer of the Nairobi Securities Exchange, Frank Mwiti, commended NGX Group for its role in facilitating the engagement.
He noted that stronger collaboration among African exchanges could deepen relationships between markets, promote the sharing of expertise and create greater opportunities for investors and issuers across the continent.
Culled from Leadership