The Nigerian Exchange Group (NGX) Chairman, Dr. Umaru Kwairanga, praised Ethiopia’s economic progress and expressed optimism about strengthening ties between Nigeria and Ethiopia. Speaking at a presidential dinner in Addis Ababa, he commended Ethiopia’s leadership for preserving the nation’s rich history while pursuing ambitious development projects.
Ethiopia, one of Africa’s oldest independent nations, has made significant strides in economic development. Notable examples include the Grand Ethiopian Renaissance Dam and the Dangote Cement Plant, both transformative projects. Dr. Kwairanga highlighted the $3 billion Dangote Fertiliser Plant, currently under construction, as a “gigantic project” that showcases 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—transport, energy, and industrial systems—to unlock the continent’s vast potential. He noted that Africa could become the world’s next growth engine, but it must address its infrastructure deficit and attract investments that create 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, demonstrating Nigeria’s confidence in the stability and viability of the Ethiopian economy. Growing cooperation between the two countries, reinforced by private‑sector partnerships such as Dangote’s investments, is expected to deepen bilateral relations and promote inclusive growth across Africa.
The two nations share similarities, including large, 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. This partnership marks a significant step toward promoting economic development and cooperation in Africa, and such alliances will be crucial as the continent continues to grow and unlock its vast potential.
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