The United Kingdom (UK) has reinstated that it would continue to invest in Nigeria, until her economic potential is unlocked. This would be achieved through collaborative partnership between UK’s Foreign, Commonwealth and Development Office (FCDO) and Nigeria Exchange Limited (NGX).
FCDO’s Secretary, RT. Hon. James Cleverly announced this on Tuesday, August 1st at the Closing-Gong ceremony of NGX.
Cleverly expressed that UK is very eager to see Nigeria get to its peak of economic growth, using the Mobilizing Institutional Capital Through Listed Product Structures (MOBILIST), which supports investment solutions to deliver large and sustainable capital flows needed to realize developing countries’ development and climate ambitions.
MOBILIST is an initiative that invests capital, delivers technical assistance, conducts research and builds partnerships to catalyse investment in newly listed products.
Cleverly noted that MOBILIST partnering with NGX would facilitate increased investment in sustainable development in Nigeria through the products listed on the Exchange, adding that NGX has what it takes to attract many investments.
“Investment fuels the economic activity, generates profit and unlocks the economic potential of the country and feeds jobs and prosperity for ordinary people in Nigeria and outside Nigeria.
“…NGX, through its activities had an attractive force to attract investment.” James Cleverly said.
The FCDO Secretary also pointed out that UK government is looking forward to more dual listings, as developing countries such as Nigeria, needs at least a minimum addition of $3.9tn to have a credible chance of achieving their sustainability goals.
UK government promised to “not only maintain its existing ties with Nigeria, but also collaborate with the NGX to attract listings as well as investment in the capital market.”
NGX Chairman, Dr. Umaru Kwairanga, on the other hand, commended the UK government, while assuring that his group is committed to fostering and strengthening the relationship Nigeria has with the first World Nation, the UK.
“NGX remains fully committed to further strengthening its existing relationship with the UK by fostering even stronger partnerships and collaborations.”
“We will continue to work with the U.K government on expanding the digital transformation process, deepening capital flows into our markets, promoting sustainability and climate change mitigation in the capital market,” Dr. Umaru said.
Speaking also, NGX Chief Executive Officer, Temi Popoola, noted that the “UK’s inputs and importance were evident across the verticals of the Nigerian capital market.”
