NGX Chairman Hails Ethiopia’s Progress, Dangote’s Investment In Addis Ababa

The chairman of the Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, has commended Ethiopia’s leadership for its economic progress and expressed optimism about stronger ties between Nigeria and Ethiopia.

Kwairanga gave the commendation in his address at a presidential dinner held in Addis Ababa, Ethiopia, on Friday,.

This was during an official visit that coincided with the foundation laying ceremony of the $3 billion Dangote Fertiliser Plant.

The NGX chairman lauded the warm hospitality extended by the Ethiopian government and praised the country’s efforts in preserving its rich history while embarking on transformative development projects.
“Ethiopia has a long and proud history as one of Africa’s oldest independent nations.

“I am happy to see that you have preserved that legacy while creating projects such as the Grand Ethiopian Renaissance Dam and the Dangote Cement Plant, which stand as enduring testaments to your leadership,” he said.

Speaking on the new $3 billion fertiliser complex, the NGX Chairman described it as a “gigantic project befitting of Alhaji Aliko Dangote’s vision and execution capacity,.”

He noted that the African industrialist continued to demonstrate commitment to advancing the continent’s self-sufficiency and development.

He said the project underscored the need for increased investment in Africa’s infrastructure.
He emphasised that improved transport, energy, and industrial systems were key to unlocking the continent’s vast potential.

“Africa has all it takes to be the world’s next growth engine, but to achieve that, we must tackle our infrastructure deficit and attract investments that will provide jobs and improve livelihoods,” he said.
Kwairanga also highlighted Nigeria’s support for Ethiopia’s economic reforms, particularly in capital market development.

He disclosed that the Nigerian Exchange Group played a significant role in establishing the Ethiopian Stock Exchange, the country’s first and now holds a 10 per cent equity stake.

“This partnership is a concrete demonstration of our belief in the stability and viability of the Ethiopian economy,” he said.

The NGX boss further noted that the shared similarities between Nigeria and Ethiopia, including their large and industrious populations, resilience in the face of challenges, and strong leadership.

According to him, the growing cooperation between the two nations, strengthened by private sector partnerships such as Dangote’s investments, will continue to strengthen bilateral relations and promote inclusive growth across Africa.

Kwairanga expressed appreciation to the Ethiopian Prime Minister, cabinet members, and citizens for their warm hospitality, while congratulating both the Federal Democratic Republic of Ethiopia and Dangote Industries Limited on their collaboration. (NAN)