UK Tightens Relationship With NGX on Investment

The United Kingdom (UK), through its Foreign, Commonwealth, and Development Office (FCDO), has declared that it would continue to focus on developing future investment ties and collaborating with the Nigerian Exchange Limited (NGX) to ensure that Nigeria's economic potential is realized.

This came as the UK government launched a collaboration with the Exchange called Mobilising Institutional Capital Through Listed Product Structures (MOBILIST), which would promote increasing investment in sustainable development in Nigeria through goods listed on the Exchange.

This was revealed by UK Secretary of State, FCDO, James Cleverly, during the NGX's Closing Gong Ceremony yesterday.

Cleverly noted that NGX's activities have a gravitational and attractive force to attract investment, noting that investment fuels economic activity, generates profit, unlocks economic potential, and feeds through jobs and prosperity for ordinary people in Nigeria and beyond.

He also stated that the UK government would want to see more dual listings, stating that developing nations require at least $3.9 trillion in extra capital if they are to have a realistic chance of meeting their sustainability targets.

According to him, the investment would help Nigeria realize its economic potential, and the UK government will not only maintain its existing relations with Nigeria but will also partner with the NGX to promote listings and capital market investment.

The chairman of Nigerian Exchange Group Plc, Alhaji Umaru Kwairanga, praised the United Kingdom's commitment to achieving Climate Neutrality by 2050 and its progress in transitioning to renewable energy sources, saying, that the NGX remains fully committed to further strengthening its existing relationship with the UK by fostering even stronger partnerships and collaborations.

Temi Popoola, chief executive officer of NGX, stated that the United Kingdom's contributions and relevance are seen across the Nigerian capital market's verticals.

“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,” Popoola said.