UK moves to increase investment in sustainable development in Nigeria

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The United Kingdom (UK), through its Foreign, Commonwealth and Development Office (FCDO), has stated that it will continue to focus on building future investment links and collaborate with Nigerian Exchange Limited (NGX) to ensure Nigeria’s economic potential is unlocked.

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FCDO reiterated the commitment as the UK government announced the Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) partnership with the Exchange which will facilitate increased investment in sustainable development in Nigeria through products listed on the Exchange.

Rt Hon. James Cleverly, UK Secretary of State, FCDO, disclosed these during the Closing Gong Ceremony held on the floor of the NGX on Tuesday.

Cleverly noted that NGX, through its activities, has a gravitational and attractive force to attract investment, noting that investment fuels the economic activity, generates profit and unlocks the economic potential, and feeds through jobs and prosperity for ordinary people here in Nigeria and outside Nigeria.

He added that with the UK government would love to see more of dual listings while adding that developing countries need at least $3.9 trillion in additional financing if it is going to have credible chance of achieving their sustainability goals.

According to him, investment is going to help unlock the economic potential of Nigeria, and the UK government will not only keep hold of its existing ties with Nigeria but will collaborate with the NGX to attract listings as well as investment in the capital market.

Commending the United Kingdom’s commitment to attaining Climate Neutrality by 2050 and its progress in transitioning to renewable energy sources, the Chairman, Nigerian Exchange Group Plc, Alhaji (Dr) Umaru Kwairanga said, “NGX remains fully committed to further strengthening its existing relationship with the UK by fostering even stronger partnerships and collaborations.”

On his part, the Chief Executive Officer NGX, Temi Popoola, noted that the U.K’s inputs and importance is evident across the verticals of the Nigerian capital market.

“We will continue to work with the UK government on expanding the digital transformation process, deepening capital flows into our markets, promoting sustainability and climate change mitigation in the capital market”, Popoola stated.