UK and Nigerian Exchanges Collaborate for Dual Listings and Sustainable Investment
The United Kingdom (UK) has expressed its commitment to collaborating with the Nigerian Exchange Limited (NGX) to facilitate dual listings and deepen investment links in order to unlock Nigeria’s economic potential. The UK government, through its Foreign, Commonwealth and Development Office (FCDO), announced the Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) partnership with NGX. This partnership aims to promote sustainable development in Nigeria by encouraging increased investment through products listed on the Exchange.
Rt. Hon. James Cleverly, the Secretary of State for Foreign, Commonwealth and Development Affairs, expressed optimism about the potential for more dual listings between the UK and Nigerian Exchanges. Currently, Seplat Petroleum Plc and Airtel Africa Plc are listed on NGX and the London Stock Exchange (LSE). Cleverly emphasized the importance of dual listings, stating, We wanted to see more dual listings.
During his visit to Nigeria, Cleverly, accompanied by the British High Commissioner to Nigeria, Mr. Richard Montgomery, and other UK government officials, participated in the Closing Gong Ceremony on the trading floor. Cleverly acknowledged NGX’s significant role in attracting investment, noting that investment fuels economic activity, generates profit, and unlocks economic potential, leading to job creation and prosperity in Nigeria and beyond.
Cleverly also highlighted the need for developing countries to secure additional financing, estimating a requirement of at least $3.9 trillion to achieve sustainability goals. He commended the UK’s commitment to achieving Climate Neutrality by 2050 and the country’s progress in transitioning to renewable energy sources.
Umaru Kwairanga, the Chairman of Nigerian Exchange Group Plc, expressed NGX’s steadfast commitment to strengthening its existing relationship with the UK and fostering even stronger partnerships and collaborations. Similarly, Temi Popoola, the Chief Executive Officer of NGX, acknowledged the UK’s significant contributions across various aspects of the Nigerian capital market. Popoola emphasized the continuation of collaboration with the UK government to further promote digital transformation, deepen capital flows into the market, and address sustainability and climate change concerns.
The collaboration between the UK and Nigerian Exchanges is expected to enhance investment opportunities, sustainable development, and economic growth in Nigeria. As both nations strive to strengthen their ties, dual listings are likely to play a pivotal role in facilitating investment and driving the Nigerian economy towards its full potential.
