The United Kingdom, in association with Nigerian Exchange Limited (NGX), has unveiled a strategic partnership aimed at enhancing investment for sustainable development.
The partnership initiative, named “Mobilising Institutional Capital Through Listed Product Structures” (MOBILIST), serves as a conduit to channel significant and sustainable capital flows towards realizing the developmental and climate aspirations of developing nations.
MOBILIST functions by investing capital, providing technical assistance, conducting research, and fostering collaborations to stimulate investment in newly listed products. The announcement of this groundbreaking partnership was made by James Cleverly, the UK Secretary of State for Foreign, Commonwealth and Development Affairs.
Cleverly emphasized the appealing attributes of NGX that make it an attractive hub for investment. He underscored that investment plays a pivotal role in driving economic activity, generating profits, and unlocking a nation’s economic potential. He expressed the UK government’s keen interest in seeing more dual listings and highlighted the crucial need for developing countries to secure at least $3.9 trillion in additional financing to credibly achieve their sustainability objectives.
It was a pleasure to receive The Rt. Hon. James Cleverly MP, Secretary of State for Foreign, Commonwealth, and Development Affairs of the United Kingdom, for a Closing Gong Ceremony today at The Exchange.#UKGovernmentinLagos #GoFarGoTogether #Closinggongceremony #NGX pic.twitter.com/4x2vymOsFL
— Nigerian Exchange Group (@ngxgrp) August 1, 2023
The Secretary of State reiterated that investment would play a pivotal role in unlocking Nigeria’s economic potential. The UK government id not only committed to maintaining its existing bonds with Nigeria but also aimed to collaborate with NGX to attract listings and investments in the capital market.
Umaru Kwairanga, Chairman of Nigerian Exchange Group Plc, lauded the UK’s dedication to achieving Climate Neutrality by 2050 and its strides toward transitioning to renewable energy sources. He affirmed NGX’s unwavering commitment to strengthening its ties with the UK by fostering even more robust partnerships and collaborations.
Temi Popoola, CEO of NGX, emphasized that the UK’s influence and significance permeate various sectors of the Nigerian capital market, highlighting the multifaceted impact of this collaboration.
The partnership between the United Kingdom and NGX holds the promise of channeling substantial investment into sustainable development projects, with MOBILIST serving as the conduit for realizing ambitious developmental and climate aspirations.