FG Seeks NGX Collaboration To Drive $1trn Economy

The federal government has urged the Nigerian Exchange Group to aid the economy in achieving a $1 trillion goal.

The minister of Industry, Trade and Investment, Dr. Jumoke Oduwole stated this at the ‘Closing Gong’ ceremony held yesterday in Lagos.

Oduwole emphasised that the Nigerian capital market is a critical pillar in the Ministry’s efforts announced for 2025.

She revealed that the Ministry will collaborate with the capital market on at least six key areas, including driving the $1 trillion economy and attracting more Foreign Direct Investment (FDI) to the country.

Oduwole commended the capital market community for stabilising the economy and attracting FDI, saying “we are going to ask for much more vibrancy, and we are going to support that. We have set a target of $6 billion this year, with $3 billion expected from portfolio investors and the other half from FDI.

“This is separate from the amounts already announced by the President and his team, which we continue to track. We also have other innovative plans, which include capital market solutions for MSMEs and advancing our trade agenda across the African Continental Free Trade Area.”

The chairman of NGX Group, Dr Umaru Kwairanga, confirmed that the minister’s visit highlighted the Exchange as a key supporter of the $1 trillion economy target set by President Bola Tinubu for 2030.

He assured the Minister that Nigeria’s capital market is ready to collaborate with the Ministry of Industry, Trade and Investment to achieve this goal.

He also commended the federal government for signing the Investments and Securities Bill (ISB) 2025 into law, urging the Minister to encourage President Bola Tinubu to visit the Exchange this year.

The chairman of NGX Limited, Ahonsi Unuigbe, stated that the capital market community is ready to support the private sector and the funding required to achieve the Minister’s initiatives.

GMD of NGX Group Plc, Temi Poopola, discussed how the capital market could support industries to unlock real value within the SME space, stating that capital markets serve as alternatives to banks.

The chief executive officer of NGX Limited, Jude Chiemeka remarked, “there are numerous initiatives we can pursue to realise the potential of the capital market, utilising private capital to support government efforts, particularly in non-traditional asset classes.”

He added, “The Exchange is a multi-asset Exchange. We have equities, fixed income, and ETFs. Our ETF market is the second largest in Africa, with around 12 ETFs.

“I believe we can use some of these instruments to raise capital, especially in non-interest finance such as Sukuk and green bonds. We look forward to an exciting collaboration to deepen our capital market and enhance our liquidity.”