The discussions took place in Cairo, Egypt, and Addis Ababa, Ethiopia, bringing together stock exchange executives, financial institutions and capital market stakeholders to examine how stronger partnerships and improved market infrastructure could expand investment access across national borders.

The Cairo engagement was hosted by the Egyptian Exchange (EGX) in collaboration with the African Export-Import Bank (Afreximbank), while the Ethiopian Securities Exchange (ESX) hosted the discussions in Addis Ababa. Both meetings focused on connecting investors across jurisdictions and mobilising African savings to support industrial growth and productive investment.

NGX Group Managing Director and Chief Executive Officer, Temi Popoola, said Africa had significant pools of institutional capital, particularly from pension funds and insurance companies, but structural barriers continued to limit the movement of investment across markets.

Popoola explained that the Dangote Refinery offer presented an opportunity to examine practical solutions to these challenges and develop stronger links between African investors and businesses operating in other countries. He stressed that the broader objective was to establish connections capable of supporting the continent’s long-term economic growth beyond a single transaction.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described the refinery as an example of the large-scale industrial investment needed to strengthen Africa’s productive capacity, reduce reliance on imports and promote sustainable economic development.

Dangote also commended NGX Group for bringing African exchanges together around the initiative and acknowledged the participating institutions for their cooperation. He highlighted the importance of creating more effective channels through which African investors could support major industrial projects on the continent.

NGX Group Chairman, Alhaji Umaru Kwairanga, said sustained institutional cooperation would be essential to building a more accessible and efficient cross-border investment system. He noted that exchanges, regulators, financial institutions and businesses needed to work together while investing in the technology and infrastructure required to facilitate participation.

In Cairo, Egyptian Exchange Executive Chairman Omar Radwan identified Egyptian Depositary Receipts as a possible route for Egyptian investors to gain exposure to selected African companies. He expressed the exchange’s willingness to work with Dangote Industries to explore a potential framework for such an arrangement.

Afreximbank President and Chairman, Dr George Elombi, reaffirmed the bank’s financing relationship with Dangote Industries and its commitment to supporting industrial development across Africa. He emphasised the importance of directing African investment towards enterprises with the potential to drive economic transformation.

In Addis Ababa, the discussions centred on expanding investment opportunities for Ethiopian investors and strengthening Ethiopia’s participation in the continent’s developing capital market network.

ESX Chief Executive Officer Yodit Kassa welcomed the engagement, describing it as an opportunity for Ethiopian investors to participate in the growth of a major African industrial enterprise. She also pointed to the importance of partnerships with leading institutions in expanding the reach of Ethiopia’s capital market.

The Cairo and Addis Ababa meetings followed earlier engagements with the Nairobi Securities Exchange and the Botswana Stock Exchange, extending NGX Group’s efforts to build support for cross-border investment across several African markets.

Participants also considered practical issues that must be addressed before investors can participate seamlessly in foreign markets. These include regulatory recognition, distribution arrangements, investor verification, settlement systems, custody services and access to reliable investment information.

The proposed collaboration could provide an opportunity for stock exchanges, regulators, financial intermediaries and financial technology companies to explore workable solutions within their respective regulatory frameworks. A key consideration is how domestic savings can be channelled more effectively into productive businesses and major industrial projects across Africa.

NGX Group said it would continue working with partner exchanges and financial institutions to strengthen market infrastructure, widen access to cross-border investments and promote cooperation among African capital markets in support of the continent’s industrial and economic development.