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Nigerian and Kenyan capital-market stakeholders are exploring stronger links between the Nigerian Exchange and Nairobi Securities Exchange.
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NGX Group says the Nigeria-Kenya engagement could provide a model for connecting African exchanges and widening cross-border access to capital.
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The Dangote Petroleum Refinery offer provides a practical context for the collaboration, while broader discussions focus on investors and issuers across Africa.
September 30, (THEWILL) – The Nigerian Exchange Group and the Nairobi Securities Exchange have stepped up efforts to deepen cross-border capital-market cooperation, with stakeholders from both markets exploring ways to improve connections between African exchanges.
The engagement took place in Nairobi on Tuesday during a high-level investor engagement hosted by the Nairobi Securities Exchange on the planned initial public offering of the Dangote Petroleum Refinery.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, commended NGX Group Chairman Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola for advancing collaboration among African capital-market institutions.
Dangote said stronger links between African exchanges could enable companies to access capital across multiple markets rather than limiting their capital-market activities to their countries of origin.
He pointed to Dangote’s proposed 700,000-barrel-per-day refinery in Lamu, Kenya, as an example of the increasingly cross-border nature of African businesses and the potential for companies with operations in different countries to access investors in more than one market.
From exchange cooperation to wider market access
The Nairobi engagement follows 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 for greater cooperation.
Popoola said the objective went beyond facilitating an individual 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,” he said.
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He described Kenya as an important first step in turning that objective into practical cooperation, adding that the model could potentially be replicated across other African markets.
The Dangote refinery offer gives us a practical context for the engagement, but our broader objective is to strengthen relationships between African markets and expand cross-border access to investment opportunities.
The initiative also aligns with broader efforts such as the African Exchanges Linkage Project, which seeks to improve connectivity and facilitate cross-border trading and investment among participating African exchanges.
Kenya engagement seen as potential model
The planned Lamu refinery further highlights the potential for stronger capital-market links between West and East Africa. The project is intended to serve the East African market and represents the type of cross-border investment that could benefit from deeper financial-market integration.
Popoola said NGX Group intended to build on the Kenya engagement and develop a framework for broader cooperation.
“We see the work with Kenya as a prototype for how African markets can support greater connectivity among themselves,” he said.
Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, commended NGX Group for facilitating the engagement.
He said stronger collaboration among African exchanges could deepen relationships between markets, encourage the sharing of expertise and create greater opportunities for investors and issuers across the continent.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
