Nigeria’s stock exchange is in the midst of its largest liquidity year.
In March, Nigerian banks completed their largest capital-raising exercise, raising ₦4.65 trillion ($3.49 billion) in 24 months, including $2.54 billion from local investors.
Dangote Refinery is trying to raise almost half that amount in a single offering.
If successful, its $1.62 billion IPO will be one of the largest liquidity events in Nigeria’s stock market history. More importantly, it could answer a question that has constrained Nigeria’s startup ecosystem for years: Is there enough local capital to provide venture-backed companies with a credible exit through the public markets?
Originally published by TechCabal.