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.
According to News Agency of Nigeria, this took place 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. He highlighted Ethiopia's accomplishments with projects like the Grand Ethiopian Renaissance Dam and the Dangote Cement Plant as enduring testaments to the country's leadership.
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. Kwairanga emphasized the importance of investment in Africa's infrastructure, particularly in transport, energy, and industrial systems, to unlock the continent's vast potential.
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, according to Kwairanga, is a testament to the stability and viability of the Ethiopian economy.
Furthermore, Kwairanga noted the shared similarities between Nigeria and Ethiopia, including their large and industrious populations, resilience in the face of challenges, and strong leadership. He expressed that the growing cooperation between the two nations, strengthened by private sector partnerships such as Dangote's investments, will continue to enhance 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.