The Nigerian Exchange Group (NGX) is getting ready to list Dangote Petrochemicals on the stock market, a move that could give Nigeria’s capital market a big push forward.
Dr. Umaru Kwairanga, the Chairman of NGX Group, said on Friday that this listing supports President Tinubu’s goal to grow Nigeria’s economy to $1 trillion by 2030. According to him, bringing big players like NNPC Ltd. and Dangote Petrochemicals into the stock market will help Nigeria get there faster.
What the Listing Means for Nigeria
Dr. Kwairanga explained that when large companies like Dangote list on the stock exchange, it helps raise money, build infrastructure, and attract both local and foreign investors. More people can buy shares and become part of the country’s growth story.
“Dangote Refinery has already submitted its application,” he said. “We’re working to complete the listing before the end of this quarter.”
Nigeria’s Market Needs a Boost
Right now, Nigeria’s entire stock market is worth less than 20% of the country’s GDP. For comparison, South Africa’s stock market is bigger than its own GDP.
To close this gap, NGX and the Securities and Exchange Commission (SEC) are rolling out reforms, including:
- Fully moving share certificates to electronic format (dematerialisation)
- Clearing unpaid dividends
- Reducing trade settlement time to 2 days (T+2)
These changes aim to make investing easier and more trustworthy.
Going Digital and Getting Young Nigerians Involved
NGX is also using technology to reach more Nigerians. It launched NGX Invest, a digital platform that helps people especially youths and NYSC members invest in new market offers and learn about finance.
The exchange is talking to pension fund managers, mutual funds, and big institutional investors. It’s also working on new products like ETFs, derivatives, and ethical investments for people who want to invest according to their beliefs.
Connecting Nigeria to Africa
In addition to boosting local participation, NGX wants to make it possible for Nigerians to trade shares across African borders, including on the Ghana Stock Exchange. This will help create a stronger, more connected African financial system.
Strong Performance Despite Challenges
Even with inflation, lower incomes, and tough global conditions, Nigeria’s stock market is still performing well. In May 2025, NGX delivered Africa’s second-best return, climbing 5.62% just behind Kenya’s Nairobi Securities Exchange.
Dr. Kwairanga believes that with more listings like Dangote Petrochemicals and continued reforms, Nigeria will build a bigger, stronger, and more inclusive stock market that works for everyone.