The UK plans to further strengthen its investment ties with Nigeria

The United Kingdom (UK) is reinforcing its commitment to foster strong economic ties and cooperation with Nigeria, as announced by the Foreign, Commonwealth, and Development Office (FCDO).

Illustrative image: UK-Nigeria flags

With a strategic focus on unlocking Nigeria's vast economic potential, the UK government is joining forces with the Nigerian Exchange Limited (NGX) to build future investment links.

During the closing gong ceremony held on the floor of the NGX, Rt Hon. James Cleverly, UK Secretary of State, FCDO, unveiled the Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) partnership. This innovative collaboration aims to facilitate increased investment in sustainable development projects within Nigeria through products listed on the NGX.

Cleverly recognized NGX's pivotal role in attracting investment, comparing its activities to a gravitational force that draws in opportunities. Investment, as he emphasized, is the key to fueling economic activity, generating profit, and unlocking Nigeria's vast potential, ultimately leading to job creation and prosperity for both Nigerians and individuals outside the country.

The UK government, eager to see more dual listings, acknowledges the pressing need for developing countries like Nigeria to secure substantial additional financing—around $3.9 trillion—to achieve their ambitious sustainability goals. Therefore, investing in Nigeria's capital market will play a significant role in unlocking its economic potential.

The partnership between the UK and NGX extends beyond existing ties. The UK government will collaborate with NGX to attract more listings and investment in the Nigerian capital market. This collective effort will not only enhance Nigeria's economic growth but also strengthen the UK's ties with the country.

Chairman of the Nigerian Exchange Group Plc, Umaru Kwairanga, commended the UK's commitment to attain climate neutrality by 2050 and the progress it has made in transitioning to renewable energy sources.

NGX shares the UK's vision and is fully committed to further solidifying its relationship by fostering even stronger partnerships and collaborations.

Temi Popoola, Chief Executive Officer of NGX, echoed the sentiment, acknowledging the UK's significant contributions across various verticals in the Nigerian capital market. Looking ahead, NGX is eager to work hand-in-hand with the UK government to expand the digital transformation process, promote sustainability, and address climate change challenges in the capital market.

The joint efforts aim to deepen capital flows into Nigerian markets and advance the country's sustainable development goals.

In summary, the partnership between the UK and NGX marks a crucial step in unlocking Nigeria's economic potential. By encouraging investment and fostering collaboration, both parties strive to create a sustainable future with mutual benefits for Nigeria, the UK, and the world at large.