Business
NGX CEO Says Nigeria’s Capital Market Gains Global Investor Interest
NGX CEO Temi Popoola says Nigeria’s capital market is undergoing a re-rating, attracting global investors due to policy clarity, reforms, and strong returns
Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group, says Nigeria’s capital market is experiencing a re-rating as global investors reassess the country’s economic trajectory and investment potential.
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Speaking on BBC Newsday during President Bola Tinubu’s state visit to the United Kingdom, Popoola highlighted that recent market performance and greater policy clarity are reshaping international perceptions of Nigeria.
“What we are seeing is a gradual re-rating of Nigeria. Investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said.
Popoola noted that Nigeria’s equity market has delivered strong returns, helping to recalibrate risk perceptions and attract renewed interest from international investors.
He added that improvements in domestic energy refining and ongoing sector reforms reduce exposure to external oil price shocks, boosting confidence.
“Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable,” he said, stressing the importance of sustained engagement with global financial centres such as London.
He also underscored that ongoing reforms and a stronger market structure are positioning Nigeria as a viable destination for long-term investment.
Since May 2023, the Federal Government has implemented key ‘pain-for-gain’ reforms, including fuel subsidy removal and FX unification, that have caught global investors’ attention.
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Popoola concluded that Nigeria is increasingly being viewed through a balanced, data-driven lens, reflecting both resilience and long-term growth potential.
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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