尼日利亚证券交易所正与多家公司就上市事宜进行磋商，并预计明年将有部分公司上市。丹格特石油炼油厂和石化公司FZE创纪录的股份发行激发了人们对尼日利亚证券交易所作为融资场所的兴趣。
Nigeria’s stock exchange is in talks with several companies about listing and expects some from next year as Dangote Petroleum Refinery and Petrochemicals FZE’s record share sale spurs interest in the nation’s bourse as a capital-raising venue.
“鉴于我们正在进行的私下磋商，我可以说，我们有充分理由乐观地认为，我们至少会看到一些优质的上市项目。”尼日利亚交易所集团股份有限公司首席执行官特米·波波拉在接受采访时表示。“此前，人们会问：‘尼日利亚有融资能力吗？’而现在，这里有一家市值约500亿美元的公司，即将改变这一叙事。”该炼油厂的首次公开发行旨在筹集最高21亿美元——这是迄今为止非洲IPO规模最大的一次——并使该公司估值接近500亿美元。
“With the private discussions that we are having, I will say that there is every reason to be optimistic that we will at least see some good listings,” Nigerian Exchange Group Plc Chief Executive Officer Temi Popoola said in an interview. “Before now, people would ask, ‘Is there ability to raise capital in Nigeria?’ Now, here is a $50 billion market-cap company that’s just about to change the narrative.”The refinery’s initial public offering aims to raise as much as $2.1 billion — the most in an African IPO to date — and values the business at close to $50 billion.
这可能成为交易所的转折点，因为在过去十年里，由于两次经济衰退、反复的货币贬值以及外汇限制，交易所吸引的IPO活动甚少，投资者因而却步。
It could mark a turning point for the exchange, which has attracted little IPO activity over the past decade as two recessions, repeated currency devaluations and foreign-exchange restrictions deterred investors.
天途航空地面服务公司股份有限公司于2019年上市，通过现有股份发行方式募集了12.2亿奈拉（约91.6万美元）。埃特非洲公司股份有限公司也在那一年加入了拉各斯证券交易所，尽管其主要上市地点在伦敦，而无线运营商MTN集团有限公司的尼日利亚本地单位则是通过介绍方式上市，随后在2021年通过现有股份发行进行了公开募股。
Skyway Aviation Handling Company Plc, which listed in 2019, sold 1.22 billion naira ($916,000) through an offering of existing shares. Airtel Africa Plc also joined the Lagos bourse that year, although its primary listing was in London, while wireless carrier MTN Group Ltd.’s local unit listed through introduction before following up with a public offer of existing shares in 2021.
自2023年以来推出的经济改革措施，包括取消高昂的燃油补贴和 liberalize 外汇市场，有助于稳定奈拉汇率，从而可能使市场对投资者更具吸引力。尼日利亚基准股票指数也以美元计价上涨了72%，成为彭博追踪的全球指标中表现最佳的一个。
Economic reforms introduced since 2023, including the removal of a costly fuel subsidy and liberalization of the foreign-exchange market, have helped stabilize the naira, potentially making the market more attractive to investors. Nigeria’s benchmark stocks index has also rallied 72% in dollar terms, making it the best performer globally among gauges tracked by Bloomberg.
Popoola正在权衡他的乐观与现实之间的关系——投资者可能更倾向于选择私募配售、增发和债务融资等其他融资方式，而非IPO，并且他们还有其他交易所可供考虑。
Popoola is balancing his optimism with the reality that investors may favor other capital-raising options such as private placements, rights issues and debt financing over IPOs, and they have other bourses to consider.
“现在竞争非常激烈，”他说。“而且‘一次这样的交易不一定能解决一些结构性问题’。”Popoola表示，交易所正在推动能源、科技和国有企业的上市，但他拒绝透露具体是哪些公司。
“There’s so much competition now,” he said. And “one transaction like this does not necessarily cure some of the structural issues.”The exchange is working on listings by energy, technology and state-owned companies, Popoola said, declining to identify them.
其中一个目标是软银集团公司（SoftBank Group Corp.）支持的OPay Digital Services Ltd.，这是尼日利亚快速增长的数字支付领域的主导企业，月活跃用户超过5000万。
One of the targets is SoftBank Group Corp.-backed OPay Digital Services Ltd., a dominant player in Nigeria’s fast-growing digital payments sector with more than 50 million active users monthly.
这家金融科技公司还得到了HSG的支持——HSG是红杉资本中国分部，于2023年从投资巨头分拆出来。该公司正在考虑在美国完成IPO后，在尼日利亚进行二次上市。与标准银行集团有限公司（Standard Bank Group Ltd.）的同步私募配售相结合，它计划筹集约5亿美元。知情人士上周透露了这一信息。
The fintech that’s also supported by HSG, the China division of Sequoia Capital that separated from the investing giant in 2023, is considering a secondary listing in Nigeria after it completes an IPO in the US. Together with a parallel private placement with Standard Bank Group Ltd., it plans to raise about $500 million, people familiar with the matter said last week.
10月13日，尼日利亚国家石油公司（Nigerian National Petroleum Co.）首席执行官Bayo Ojulari表示，该国有企业正在推进上市计划的进展。
On Oct. 13, Nigerian National Petroleum Co. CEO Bayo Ojulari said the state-run firm is making progress on plans for a listing.
交易所利用这家炼油厂的IPO来加强其技术系统，其合作伙伴包括中央证券清算系统股份有限公司（Central Securities Clearing System Plc）——该国的主要结算运营商——也在做同样的事情。
The bourse has taken advantage of the refinery IPO to strengthen its technology systems, as have its partners including Central Securities Clearing System Plc, the nation’s principle settlement operator.
“我们的重点是实现有序的价格发现，并专注于确保流动性随时间推移而加深的措施，以便更广泛的投资者能够进入市场、完成结算等，”他说。“我们并不是说这一次交易就已经达到了‘乌胡鲁’，但它确实证明我们正在走正确的道路，”Popoola补充道，他使用了斯瓦希里语中“自由”的意思的词来形容最终目标。
“What we are focused on is an orderly price discovery and we are focusing on measures that ensure that liquidity deepens over time for broader investor access, settlement and others,” he said. “We’re not saying that with this one transaction we have reached uhuru, but it does prove we are going in the right direction,” Popoola added, using the Swahili word for freedom to describe the ultimate goal.
该交易所在12月表示，2025年其散户投资者超过600万。仅Dangote炼油厂的发行就瞄准1000万投资者，并正与超过55个分销渠道合作，为交易所系统提供一次考验。9月14日申请开放当天，对股票的需求压垮了尼日利亚的投资应用。
The bourse had more than 6 million retail investors in 2025, it said in December. The Dangote refinery offer alone is targeting 10 million and is working with more than 55 distribution channels, providing a test for the exchange’s systems. Demand for shares overwhelmed Nigerian investing apps on Sept. 14, the opening day for applications.
该交易所、CSCS、经纪人、登记机构和支付网关已建立联合指挥中心和情报室，以确保生态系统能够应对复杂情况，Popoola表示。
The exchange, CSCS, brokers, registrars and payment gateways have set up a joint command center and situation rooms to make sure the ecosystem can deal with the complexity, Popoola said.
“我们在技术、人员、软件和更紧密的伙伴关系方面进行了投资，覆盖交易前、交易中和交易后，涵盖我们生态系统的各个环节，”他说。Dangote石油“不仅仅是一次上市；它是让更广泛的尼日利亚人参与资本市场的机会”，也是交易所主张其作为非洲大陆融资平台地位的机会。
“We have invested in technology, people, software and stronger partnerships, both in the pre-, in the trading and post-trading, in all of our ecosystem,” he said. Dangote Petroleum “is more than a listing; it’s an opportunity for a wider breadth of Nigerians to get involved with the capital market,” and a chance for the bourse to stake its claim as a platform for capital raising across the continent.