NGX Group begins strategic investment in Ethiopian Securities Exchange

The Nigerian Exchange Group (NGX) Plc has revealed that they have significantly invested in the Ethiopian Securities Exchange (ESX).

The NGX Group is a part of the top institutional investors that have put capital into the operationalisation of the bourse alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA) trade block.

This move does not only establish NGX Group’s entry into East Africa but also marks its commitment to driving growth and innovation in the African capital markets.

The investment in the Ethiopian Stock Exchange shows NGX Group’s confidence in the potential of Ethiopia’s fast growing economy.

By working with ESX, NGX Group plans to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

The Chairman of NGX Group, Alhaji Umaru Kwairanga, said: “We extend our congratulations to the ESX on its successful capital raise and commend the government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.

“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.”

BEB