In a move towards fostering economic ties and attracting global investors, the Nigerian Exchange Limited (NGX) is considering a dual listing with the Saudi Exchange, with a particular focus on major corporations like Saudi Aramco.

Dr. Umaru Kwairanga, the Group Chairman of the Nigerian Exchange Group, revealed the ambitious plan during discussions at the Saudi-Africa summit in Riyadh.

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Dr. Kwairanga emphasized the impact of President Bola Tinubu’s economic reforms, stating that these initiatives have opened avenues for substantial investments in Nigeria, Africa’s largest economy.

Drawing parallels with the successful dual listing on the London Stock Exchange (LSE), he outlined the NGX’s intention to replicate such collaborations with the Saudi Stock Exchange.

The summit, which served as a platform for fostering cooperation between the Saudi government and the Nigerian business environment, was seen as a crucial opportunity to showcase Nigeria’s commitment to reforms.

Dr. Kwairanga highlighted the government’s dedication to presenting a reformed image, attracting interest from other African nations and beyond.

Speaking on the potential of the NGX despite foreign exchange scarcity challenges, Dr. Kwairanga expressed optimism.

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He disclosed that discussions, including talks with the Minister of Environment and officials, centered around exploring opportunities for Nigeria’s prominent companies listed on the NGX to leverage the proposed dual listing with the Saudi Stock Exchange.