The Nigerian Exchange Group (NGX Group) has launched a strategic campaign to attract Hong Kong investors and encourage Chinese companies with major operations in Nigeria to dual-list on the local exchange. NGX Group Chairman Umaru Kwairanga led a delegation to Hong Kong for high-level talks with InvestHK, Bank of China International (BOCI), and Hong Kong Exchanges and Clearing (HKEX).
The discussions centered on deepening capital market linkages, improving access to Asian capital for Nigerian businesses, and offering Chinese firms a pathway to raise local capital. The delegation also urged Hong Kong financial institutions to establish representative offices in Lagos to boost trade and financial flows.
Building a Nigeria Hong Kong Capital Corridor
To sustain long-term cooperation, the NGX delegation proposed the creation of a formal Nigeria Hong Kong capital corridor. This framework is designed to support Nigerian companies seeking international capital and assist Asian investors looking for African opportunities.
As part of this initiative, NGX proposed a joint listing readiness programme alongside InvestHK and BOCI. The educational programme will prepare prospective issuers by focusing on international governance standards, disclosure requirements, and investor engagement processes.
Kwairanga noted that Hong Kong is a strategic partner due to its deep institutional investor base and sophisticated financial ecosystem. He added that the venue offers Nigerian businesses with global ambitions vital visibility and credibility.
Targeting Chinese Operators and Dangote Refinery IPO
A major focus of the engagement was the substantial footprint of Chinese companies in Nigeria, particularly within the construction and mineral resources sectors. Kwairanga urged Chinese firms with sufficient scale to explore dual listings on the NGX, allowing them to tap local capital while giving Nigerian investors equity ownership.
The NGX Chairman also highlighted the planned initial public offering (IPO) of the Dangote Refinery as a prime example of a major corporate transaction with international appeal. He previously used the Dangote IPO to court Middle East investors during a visit to the Abu Dhabi Securities Exchange (ADX) in June 2026.
Reversing the Slide in Foreign Portfolio Investment
This international push comes at a time when foreign participation on the local bourse is experiencing a downturn. Foreign portfolio transactions on the NGX declined by 25.90% month-on-month in May 2026, dropping to N183.61 billion from the N247.78 billion recorded in April 2026.
The May 2026 data showed that foreign portfolio investors accelerated their exit, with their share of total transactions falling to just 9%. This represents the lowest level of foreign participation recorded in 2026, leaving the market heavily reliant on domestic capital despite overall trading activity reaching yearly highs.
