NGX Chairman strengthens Nigeria-Ethiopia economic ties, hails Dangote Fertilizer Plant
NGX Chairman strengthens Nigeria-Ethiopia economic ties, hails Dangote Fertilizer Plant
Nigeria and Ethiopia are set to deepen economic cooperation following the commissioning of a $3 billion fertilizer plant by Dangote Industries in Addis Ababa, as highlighted during a presidential dinner attended by key government and business leaders.
Alhaji (Dr) Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX), led the Nigerian delegation and expressed appreciation for the warm reception extended by Ethiopian leaders during his visit, including the Prime Minister and Head of the Ethiopian National Government, the President of the Somali Region, ministers, members of parliament, and the Deputy Mayor of Addis Ababa.
According to the presentation by Kwairanga, while speaking at the dinner, Kwairanga praised Ethiopia’s rich history as the cradle of human civilization and one of Africa’s oldest independent nations, noting the country’s ability to preserve its traditions while implementing landmark projects such as the Grand Ethiopian Renaissance Dam and the Dangote Cement Plant.
He described the new Fertilizer Plant as a “complex and gigantic project,” reflecting the vision and capabilities of Alhaji Aliko Dangote, a global entrepreneur committed to the development and self-sufficiency of Africa. Kwairanga emphasized that projects like this would generate employment for African youths and strengthen the continent’s industrial and infrastructural capacity.
Highlighting the strategic importance of investment in Africa, Kwairanga said, “Given our continent’s wealth of riches in human and natural resources, Africa is the future growth engine of the world. But to achieve our potential, we must tackle basic issues like infrastructure deficits and attract both foreign and local investment to develop roads, rails, power plants, and industrial complexes.”
Kwairanga also praised Ethiopia’s efforts in financial market development, noting Nigeria’s involvement in establishing the Ethiopian Stock Exchange. The NGX holds a 10 percent stake in Ethiopia’s first stock exchange, demonstrating confidence in the stability and viability of the Ethiopian economy.
He further underscored the similarities between Nigeria and Ethiopia, including large, diverse populations and shared experiences of overcoming challenges, while stressing the importance of continued bilateral partnerships.
