The Group Chairman, Nigerian Exchange Group, Dr Umaru Kwairanga, has hinted at the proposed plans for dual listing with the Saudi Exchange, stressing that President Bola Tinubu’s economic reforms have created room for investment in Africa’s largest economy.
Kwairanga, who was speaking on the sidelines of the Saudi-Africa summit in Riyadh recently, stated that the summit was an opportunity to seek cooperation between the Saudi government and the Nigerian business environment.
He said, “We believe with our population, and many other advantages, we have opportunities to showcase to Africans, Arabs based out of Saudi Arabia.”
He expressed optimism over opportunities in the NGX amid foreign exchange (FX) scarcity.
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“One of the discussions we had was on dual listing between the Saudi Stock Exchange and the NGX. We had a discussion with the minister of environment and his officials, looking at how our biggest companies quoted on NGX are going to leverage this.
“We are going to take companies like Aramco to be listed on the NGX. We intend to replicate what we did on the London Stock Exchange (LSE) with the Saudi Stock Exchange regarding dual listings,” he said.
