Chairman of the Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, has described the planned Initial Public Offering (IPO) of Dangote Refinery as a major milestone that will transform Nigeria’s capital market.

Speaking during an interview with RFI Hausa, Kwairanga said the proposed public offer has generated widespread excitement among investors and the general public, adding that it is expected to become the largest IPO ever conducted in Nigeria, and possibly across Africa.

According to him, Dangote Refinery has already earned the confidence of Nigerians by helping to address the country’s long-standing shortage of refined petroleum products.

He said the decision by Aliko Dangote to offer a stake in the refinery to the public has been warmly received and is expected to attract millions of new investors into the Nigerian capital market.

Kwairanga also attributed the strong performance of the Nigerian stock market to key economic reforms introduced by the Federal Government, including the removal of fuel subsidies, foreign exchange reforms and the return to conventional monetary policies.

He noted that these reforms, alongside recapitalisation programmes in sectors such as banking, insurance and the capital market, have improved investor confidence, increased market liquidity and strengthened the performance of listed companies.

The NGX chairman further highlighted the growing digitalisation of the capital market, stating that improved online trading platforms and the licensing of digital stockbrokers have encouraged greater participation, particularly among younger investors.

Expressing confidence in the market’s future, Kwairanga said the current momentum is sustainable, adding that the anticipated listing of Dangote Refinery and the expected reclassification of Nigeria as a frontier market by major global indices would further attract international investors.

He also noted that sectors such as banking, industrial goods, and oil and gas have recorded some of the strongest performances in the first half of 2026.

While acknowledging that foreign investors are gradually returning to the Nigerian market, Kwairanga said domestic investors currently account for the largest share of market participation. He expressed optimism that continued economic stability and improved foreign exchange management would encourage more international investment in Nigeria.