UK and Nigerian Exchange Collaborate to Unlock Economic Potential
The United Kingdom (UK) has expressed its commitment to building future investment links and collaborating with the Nigerian Exchange Limited (NGX) to unlock Nigeria’s economic potential. This statement was reiterated by the UK’s Foreign, Commonwealth and Development Office (FCDO), as they announced the Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) partnership with the Nigerian Exchange. Through this partnership, there will be increased investment in sustainable development in Nigeria through products listed on the Exchange.
During the Closing Gong Ceremony held on the floor of the NGX, Rt Hon. James Cleverly, UK Secretary of State for the FCDO, emphasized NGX’s ability to attract investment. He highlighted that investment fuels economic activity, generates profit, unlocks economic potential, and creates jobs and prosperity for the people of Nigeria and beyond. Cleverly also mentioned that the UK government supports the idea of dual listings and acknowledged the need for developing countries to secure additional financing, estimated at $3.9 trillion, to achieve their sustainability goals.
The Chairman of the Nigerian Exchange Group Plc, Alhaji (Dr) Umaru Kwairanga, commended the UK’s commitment to achieving Climate Neutrality by 2050 and transitioning to renewable energy sources. He expressed NGX’s dedication to strengthening its relationship with the UK and fostering stronger partnerships and collaborations.
Temi Popoola, the Chief Executive Officer of NGX, highlighted the UK’s significance across the verticals of the Nigerian capital market. He stated that NGX will continue working with the UK government to expand the digital transformation process, deepen capital flows into the Nigerian markets, and promote sustainability and climate change mitigation in the capital market.
This collaboration between the UK and Nigerian Exchange is expected to bring about increased investment opportunities and further strengthen ties between the two countries. The UK government is committed to supporting Nigeria’s economic potential and will work with NGX to attract listings and investment in the capital market.
In conclusion, the partnership between the UK and Nigerian Exchange holds significant potential in unlocking Nigeria’s economic growth and promoting sustainable development. The commitment displayed by both parties indicates a positive trajectory for future investment and collaboration between the UK and Nigeria. This collaboration will not only benefit the economies of both countries but will also contribute to job creation and prosperity for the people of Nigeria.
