NGX woos Hong Kong investors, pushes Chinese firms for dual listings

The Nigerian Exchange Group (NGX Group) has intensified efforts to attract Hong Kong investors into Nigeria while encouraging Chinese companies with significant operations in the country to consider dual listings on the Nigerian Exchange.

The push formed part of engagements by the Chairman of NGX Group, Umaru Kwairanga, who recently led a delegation to Hong Kong for meetings with key financial market institutions, including InvestHK, Bank of China International (BOCI) and Hong Kong Exchanges and Clearing (HKEX).

The meetings focused on deepening capital market linkages between Nigeria and Hong Kong, improving access to Asian capital for Nigerian companies and creating opportunities for Chinese companies operating in Nigeria to raise local capital.

What the NGX Chairman is saying

Speaking during the engagements, Kwairanga highlighted developments in Nigeria’s capital market over the past three years and outlined the growth prospects for the market over the medium and long term.

• He also pointed to the planned initial public offering of Dangote Refinery as an example of a major Nigerian corporate transaction with an international dimension that could attract interest from investors in Asia.
• A major focus of the Hong Kong meetings was the growing presence of Chinese companies in Nigeria, particularly in construction and mineral resources.
• Kwairanga told the Hong Kong institutions that Chinese companies with operations in Nigeria and sufficient scale could explore dual listings on the NGX to access local capital for expansion while allowing Nigerian investors to become shareholders in the businesses.

He said NGX would be willing to engage with and support interested companies seeking to explore such opportunities.

Support for Nigerian companies

The NGX delegation also explored how Hong Kong financial institutions could support Nigerian companies that source equipment and products from Hong Kong and mainland China, particularly in areas involving foreign exchange, financing and leverage.

Kwairanga said Hong Kong financial institutions should also consider establishing representative offices in Lagos to facilitate stronger trade and financial flows between Nigeria and Hong Kong.

During the meeting with InvestHK, DGIP and BOCI, the NGX delegation proposed the development of a formal Nigeria Hong Kong capital corridor to facilitate sustained cooperation between institutions and businesses in both markets.

• “Many Nigerian companies have the scale and ambition to compete globally but require greater understanding of international listing requirements.
• “A joint programme involving InvestHK, BOCI and NGX Group could help prepare prospective issuers through education on governance standards, disclosure requirements, investor engagement and listing processes,” the NGX Chairman said.
• The proposed framework would support Nigerian companies seeking international capital, Hong Kong investors looking for opportunities in Africa, joint investment promotion initiatives and regular institutional engagement.
• Kwairanga said the objective should go beyond individual transactions to establish a sustainable platform for investment and capital market cooperation.
• He identified Hong Kong as a strategic partner for Nigerian companies seeking international capital because of its deep institutional investor base, sophisticated financial ecosystem and access to Asian markets.
• For Nigerian businesses with regional or global ambitions, he said, Hong Kong could provide more than an alternative listing venue by offering visibility, credibility and access to a diversified investor base.

The proposed collaboration would also work in the opposite direction by providing Asian investors with greater exposure to Nigerian businesses and Africa’s growth opportunities.

NGX also proposed a joint listing readiness programme involving InvestHK, BOCI and NGX Group to help Nigerian companies understand international listing requirements, including corporate governance, disclosure standards, investor relations and listing processes.

Get up to speed

The Honk Kong marked another strategic move by the NGX to woo foreign investors to the Nigerian capital market.

• Earlier in June, the NGX team was also at the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates (UAE), where the NGX Chairman encouraged the Middle East investors to participate in the Nigerian market.
• At the meeting, the NGX boss specifically referenced the planned Initial Public Offering (IPO) of Dangote Refinery as a good point for investors to come in.
• He noted that growing international investor confidence in Nigeria’s capital market has created opportunities to attract additional foreign capital into major listings and infrastructure projects.

Kwairanga said the Nigerian capital market has recorded significant improvements in performance and market activity over the past few years, citing strong growth in market capitalization and equity valuations.

What you should know

Nairametrics earlier reported that foreign investors’ transactions on the NGX declined 25.90% month-on-month in May to N183.61 billion from N247.78 billion in April, even as overall market activity reached its highest monthly level of the year.

The portfolio investors accelerated their exit from the Nigerian equities market in May 2026, with their share of total transactions on the Nigerian Exchange (NGX) falling to just 9%, the lowest level recorded in 2026.

The May 2026 report revealed a market increasingly driven by domestic capital, with foreign participation declining even as total activity grows.