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The Securities and Exchange Commission Nigeria, NGX Group Plc, and other capital market stakeholders have intensified efforts to advance cross-border listings and deepen integration across Africa’s financial markets.
At a high-level engagement in Lagos, members of the African Securities Exchanges Association convened to explore frameworks for improving capital mobility across the continent. Participating exchanges included the Johannesburg Stock Exchange, Ghana Stock Exchange, Ethiopian Securities Exchange, Bourse Régionale des Valeurs Mobilières, and Nairobi Securities Exchange, alongside issuing houses and financial advisers.
Central to discussions was the proposed listing of the Dangote Petroleum Refinery, which stakeholders identified as a potential benchmark for cross-border capital raising and broader investor participation across African markets.
The session brought together key industry leaders, including Aliko Dangote and Director-General of the SEC, Dr Emomotimi Agama, to address strategies for expanding access to capital and creating efficient pathways for multi-market listings.
Agama described the engagement as a milestone in Africa’s capital market integration journey. “This represents a significant step towards building a unified investment landscape where African capital can be mobilised to finance the continent’s development,” he said, reaffirming the Commission’s commitment to enabling the process.
Stakeholders emphasised that stronger collaboration among exchanges is critical to unlocking liquidity, reducing fragmentation, and positioning Africa as a competitive global investment destination. Discussions highlighted the need for harmonised regulatory frameworks, improved cross-border settlement systems, and more efficient aggregation of investor demand.
Industry leaders also underscored the broader economic implications of integration, noting that connecting African markets would enhance resilience, expand access to funding, and support long-term growth across the continent.
Dangote, speaking on the refinery’s planned listing, highlighted its strategic importance for African investors. “Our goal is to create sustainable wealth by ensuring Africans can invest in and benefit from world-class assets built on the continent,” he said, adding that such listings would broaden participation in high-value projects with strong foreign exchange potential.
Widely regarded as one of the largest single-train refineries globally, the Dangote Petroleum Refinery is expected to play a pivotal role in strengthening Nigeria’s capital market while supporting key economic objectives, including reducing dependence on fuel imports and boosting foreign exchange earnings.
The Lagos engagement marks a concrete step towards building the infrastructure required for a more integrated African capital market, reinforcing a shared commitment to enabling seamless capital flows across borders and accelerating the continent’s economic development.
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