The UK government on Tuesday said it was ready to support Nigeria in developing its thriving capital market and that its programme for the mobilization of institutional capital through listed product structures was a strong basis for collaboration with Nigeria’s financial sector.
In addition, The UK government also said the capital market of Nigeria could help enhance the country’s economic goals, including the ambition to transition to clean energy solutions, but requires about $10 billion in financing per year to meet the Sustainable Development Goals by 2030, according to Arise News.
The UK government reemphasized its commitment to working with Nigeria to enable private capital mobilization at scale at two MOBILIST events hosted by the Nigerian Exchange Limited and British Deputy High Commission in Lagos on Tuesday.
The events took place at Nigeria’s Financial hub involving stakeholders from all parts of the finance sector as well as SEC representatives and the pensions industry.
to discuss possible solutions for some of the major obstacles in increasing investment into SDGs via public markets.
MOBILIST provides investment capital in the form of equity and technical assistance to overcome obstacles and allow the listing of innovative products that can mobilize institutional capital at scale, to address the twin challenges of development and climate change.
In his remark, British Deputy High Commissioner Jonny Baxter said “The UK government is committed to supporting Nigeria in the continued development of its capital market to help deliver the country’s economic goals, including its ambitions to transition to clean energy solutions.
“A liquid and well-regulated capital market benefits the entire economy by enabling companies to raise capital to fund their expansion, which in turn helps deliver crucial development, job opportunities, and improved incomes.
“MOBILIST’s focus on stimulating the creation of innovative listed products can make a unique and impactful contribution to achieving these objectives.”
Meanwhile, the Chairman of NGX, Ahonsi Unuigbe pointed out the need to address the obstacles to public listing through cooperation.
Unuigbe, said “The discussions we have today are crucial as we address barriers hindering public listings and explore actionable solutions. By overcoming these obstacles, we can unlock the full potential of our capital market, enabling more businesses to access the funding they need to grow and thrive. Some of these obstacles are significant such as regulatory challenges, high listing costs, and market volatility.”
MOBILIST Programme Lead at the FCDO, Ross Ferguson said, “MOBILIST is the expression of the UK’s conviction that public markets have an underutilized but potentially critical role in financing sustainable development at scale by mobilizing private capital to flow where it is needed most – to the firms that are going to contribute most to solving developmental challenges and help deliver a fair and orderly climate transition for Nigeria.”
The Acting CEO of NGX, Jude Chiemeka, emphasized the impact of the partnership with MOBILIST.
He noted “Our partnership with MOBILIST is geared towards advancing market efficiency, sustainability reporting, and integrating Environmental, Social, and Governance principles.
“This event represents a significant milestone in our ongoing efforts to enhance the performance and deepening of Nigeria’s capital market by promoting sustainable capital flows and enhancing listing diversity.
“The discussions from today are poised to yield actionable insights on how we can collectively catalyze economic growth through the capital market. By harnessing the potential of our capital market, we can unlock new opportunities for funding businesses, fostering entrepreneurship, and ultimately driving sustainable development across Nigeria.”
