NGX targets Aramco in dual listing with Saudi Exchange

Oil and gas giant, Saudi Aramco, which is also one of the leading companies in the world by revenue, is a major target of the proposed dual listing of the Nigerian Exchange Limited with the Saudi Exchange.

The Group Chairman, Nigerian Exchange Group, Dr. Umaru Kwairanga, hinted at the proposed plans for dual listing with the Saudi Exchange, stressing that President Bola Tinubu's economic reforms have created room for investment in Africa's largest economy.

“We are going to take companies like Aramco to be listed on the NGX. We intend to replicate what we did on the London Stock Exchange (LSE) with the Saudi Stock Exchange regarding dual listings.

“Last month we were with Mr. President in NASDAQ. We had so many discussions on many business opportunities.

“So, it will attract a lot of investors into the Nigerian economy and I believe this government is doing a lot regarding reforms.

Kwairanga, who was speaking on the sidelines of the Saudi-Africa summit in Riyadh recently, stated that the summit was an opportunity to seek cooperation between the Saudi government and the Nigerian business environment.

He noted that the summit was an opportunity where the Nigerian government felt that there is a need to showcase itself and that the new government has come with a lot of new reforms which other countries in Africa and beyond are looking at.

According to him, “We believe with our population, and many other advantages we have opportunities to showcase, to Africans, Arabs based out of Saudi Arabia.”

He expressed optimism over opportunities in the NGX amid foreign exchange (FX) scarcity challenges.

“One of the discussions we had is on dual listing between the Saudi Stock Exchange and the NGX. We had a discussion with the Minister of Environment and his officials, looking at how our biggest companies quoted on NGX going to leverage this,” he said.