UK Affirms Move To Aid The Growth Of Nigeria’s Capital Market

The United Kingdom reaffirmed its commitment to supporting Nigeria’s burgeoning capital markets through the Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme.

With a focus on mobilising private capital at scale, the UK aims to bolster Nigeria’s efforts towards achieving sustainable development goals.

At the MOBILIST events hosted by the Nigerian Exchange Limited (NGX) and the British Deputy High Commission (BDHC) in Lagos yesterday stakeholders convened to discuss opportunities to overcome barriers hindering investment in sustainable development goals (SDGs) via public markets.

Representatives from the Securities and Exchange Commission (SEC) and the pension fund industry joined the dialogue, underlining the collaborative effort needed to address the financing gap of approximately $10 billion per year required to meet Nigeria’s SDGs by 2030.

Former UK Foreign Secretary, James Cleverly’s visit to Nigeria last year marked the launch of the partnership between MOBILIST and NGX, aiming to catalyze greater investment in SDGs through innovative investment structures listed on the exchange.

MOBILIST offers both investment capital and technical assistance to facilitate the listing of pioneering products that can mobilize institutional capital. In addition, it provides research and policy advocacy support to enhance the environment for issuers, investors, and intermediaries.

According to the Organisation for Economic Co-operation and Development (OECD), Africa requires approximately $194 billion annually to achieve SDGs by 2030, highlighting the crucial role of mobilizing private investment.

British Deputy High Commissioner, Jonny Baxter reiterated the UK’s commitment to supporting Nigeria’s capital market development, emphasising the potential for innovative listed products to contribute significantly to economic growth and sustainable development.

NGX Chairman, Ahonsi Unuigbe, highlighted the need for collaborative efforts to address barriers hindering public listings, including regulatory challenges and market volatility. He emphasized the importance of an efficient listing process in democratizing access to capital and fostering a vibrant entrepreneurial ecosystem dedicated to SDGs.

MOBILIST Programme Lead at the FCDO, Ross Ferguson expressed the UK’s dedication to strengthening relationships in the Nigerian market to position its capital markets as leaders in financing sustainable development.

NGX’s acting Chief Executive Officer, Jude Chiemeka, underscored the impact of the partnership with MOBILIST in advancing market efficiency and promoting sustainable capital flows. He emphasised the potential of Nigeria’s capital market to drive economic growth and sustainable development by fostering entrepreneurship and funding businesses aligned with SDGs.