By Favour Pius
The Nigerian Exchange Limited (NGX), in collaboration with the Dangote Group, is spearheading a continental drive to accelerate cross-border listings, with a focus on bringing refinery assets to multiple African capital markets.
The initiative, which is drawing interest from several African exchanges, is aimed at deepening market integration, expanding investment opportunities, and unlocking capital for large-scale industrial projects across the continent.
At the centre of the push is the proposed multi-exchange listing of the Dangote Refinery, widely regarded as one of Africa’s largest industrial investments. Market operators say dual or cross-border listings would enable broader participation by institutional and retail investors beyond Nigeria.
Stakeholders note that such listings could significantly boost liquidity across African bourses, while also enhancing price discovery and valuation transparency for strategic assets.
Industry analysts argue that the move reflects a growing recognition of the need for deeper collaboration among African capital markets, particularly as exchanges seek to compete globally and attract long-term capital.
“This is a strategic step towards integrating African financial markets,” a capital market analyst said. “Cross-border listings not only widen the investor base but also strengthen market resilience and efficiency.”
The NGX has in recent years intensified efforts to position itself as a hub for large listings and innovative financial instruments, leveraging partnerships with regional exchanges and institutions.
Operators say the collaboration with the Dangote Group signals confidence in the capacity of African markets to finance and sustain mega projects, while also providing investors with access to high-value assets within the continent.
Beyond capital raising, the initiative is expected to support economic diversification, encourage intra-African investment flows, and reduce reliance on foreign markets for funding critical infrastructure.
Market participants also point to the potential alignment with the African Continental Free Trade Area, which seeks to promote economic integration and cross-border trade among African countries.
However, experts caution that regulatory harmonisation, currency risks, and settlement frameworks remain key challenges that must be addressed to ensure seamless cross-border listings.
They stress the need for coordinated policies among securities regulators, improved clearing systems, and investor protection mechanisms to build confidence in multi-market offerings.
If successfully executed, the planned listing of the Dangote Refinery could set a precedent for other large corporates seeking to tap into multiple African markets, marking a significant milestone in the evolution of the continent’s capital markets.
For NGX and its partners, the initiative represents more than a listing strategy—it signals a broader ambition to transform African exchanges into globally competitive platforms capable of supporting the continent’s industrial and economic aspirations.
