Nigeria is encouraging publicly traded Chinese companies with substantial local operations to list their shares in Lagos, part of a wider attempt to draw more Asian capital into a stock market still overwhelmingly driven by domestic investors.
Umaru Kwairanga, chairman of Nigerian Exchange Group, presented the proposal during meetings with Hong Kong Exchanges and Clearing, Invest Hong Kong and Bank of China International on Wednesday.
Kwairanga said Chinese companies operating in Nigeria, particularly in construction and mineral resources, could pursue dual listings on the Nigerian Exchange to raise capital locally and give Nigerian investors ownership stakes in their businesses.
“NGX would be willing to listen and assist any interested companies,” Kwairanga said in a summary of the meetings.
The proposal could mark an important shift in Nigeria’s commercial relationship with China. Chinese companies have secured major contracts and investments across the country, but much of that economic presence is not represented on Nigeria’s public equity market.
