The Nigerian Exchange Group (NGX) Chairman, Dr. Umaru Kwairanga, has praised Ethiopia’s economic progress and expressed optimism about strengthening ties between Nigeria and Ethiopia. During a presidential dinner in Addis Ababa, Ethiopia, Dr. Kwairanga commended the country’s leadership for its efforts in preserving its rich history while embarking on development projects.
Ethiopia, one of Africa’s oldest independent nations, has made significant strides in its economic development. The Grand Ethiopian Renaissance Dam and the Dangote Cement Plant are notable examples of the country’s transformative projects. Dr. Kwairanga highlighted the $3 billion Dangote Fertiliser Plant, currently under construction, as a “gigantic project” that demonstrates Alhaji Aliko Dangote’s vision and commitment to advancing Africa’s self-sufficiency and development.
The NGX Chairman emphasized the need for increased investment in Africa’s infrastructure, including transport, energy, and industrial systems, to unlock the continent’s vast potential. He noted that Africa has the potential to be the world’s next growth engine, but it must address its infrastructure deficit and attract investments that provide jobs and improve livelihoods.
Nigeria has shown support for Ethiopia’s economic reforms, particularly in capital market development. The Nigerian Exchange Group played a significant role in establishing the Ethiopian Stock Exchange and holds a 10% equity stake. This partnership demonstrates Nigeria’s belief in the stability and viability of the Ethiopian economy.
The growing cooperation between Nigeria and Ethiopia, strengthened by private sector partnerships such as Dangote’s investments, is expected to continue to strengthen bilateral relations and promote inclusive growth across Africa. The two nations share similarities, including large and industrious populations, resilience in the face of challenges, and strong leadership.
Dr. Kwairanga expressed appreciation for the warm hospitality extended by the Ethiopian government and congratulated both the Federal Democratic Republic of Ethiopia and Dangote Industries Limited on their collaboration. The partnership between Nigeria and Ethiopia is a significant step towards promoting economic development and cooperation in Africa. As the continent continues to grow and develop, such partnerships will play a crucial role in unlocking its vast potential.