How UK Plans To Unlock Nigeria's Economic Potential
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News - August 2, 2023

How UK Plans To Unlock Nigeria’s Economic Potential

The United Kingdom (UK) says it plans to unlock Nigeria’s economic potential by building future investment links and collaborating with Nigerian Exchange Limited (NGX). 

It made this statement through its Foreign, Commonwealth and Development Office (FCDO) during the Closing Gong Ceremony held on the floor of the NGX.

Speaking on behalf of the office, UK Secretary of State, Rt Hon. James Cleverly announced the Mobilizing Institutional Capital Through Listed Product Structures (MOBILIST) partnership with the Exchange. The partnership is expected to facilitate increased investment in sustainable development in Nigeria through products listed on the Exchange. 

UK to maintain ties with Nigeria

Cleverly firmly opined that the U.K. 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. 

He also hinted that the UK government would love to see more dual listings. This is because he believes that the NGX, through its activities has a gravitational and attractive force to attract investment.

The UK Secretary of State also noted that investment fuels economic activity, generates profit and unlocks economic potential.

What the NGX is saying

Reacting to the UK plans,  The Chief Executive Officer, of NGX, Temi Popoola said, “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.”

The Chairman, of Nigerian Exchange Group Plc, Alhaji (Dr) Umaru Kwairanga also said, “NGX remains fully committed to further strengthening its existing relationship with the UK by fostering even stronger partnerships and collaborations.” 

Kwairanga further applauded the United Kingdom’s commitment to attaining Climate Neutrality by 2050 and its progress in transitioning to renewable energy sources.

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