NEWS AGENCY OF NIGERIA
NGX making efforts to contribute to Tinubu’s trn economy- Chairman

NGX making efforts to contribute to Tinubu’s $1trn economy- Chairman

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By Taiye Olayemi

 

The Nigerian Exchange Group says it is working assiduously to ensure the Nigerian capital market contributes to actualising President Bola Tinubu’s proposed $1 trillion economy by 2030.

 

Dr Umaru Kwairanga, Chairman of NGX while speaking with the News Agency of Nigeria (NAN) on Tuesday, said that the NGX Group is strategically positioning the capital market to support Nigeria’s economic transformation through several initiatives.

 

According to him, these initiatives were through NGX’s investment to expand retail access to the Nigerian market; strengthening market oversight and through diversified capital formation.

 

“The Nigerian capital market has keyed into President Bola Tinubu’s vision for Nigeria to achieve a one trillion dollar economy by 2030 and has been making efforts to ensure that the vision is realised.

 

“As a concrete example of that, the Nigerian Exchange Group and the capital market has been fully represented in President Tinubu’s interactions with various investing blocs locally and abroad in order to attract much needed investment into the country.

 

“I was in New York last year with the President where we met with foreign investors at Nasdaq and it was a very successful outing.

 

“Also last month, I was in the United States of America with the CBN Governor to meet with potential foreign investors as well as our Nigerians in diaspora,” he said.

 

According to Kwairanga, the NGX is currently working with the consciousness that no country achieves sustainable economic transformation without a vibrant and inclusive capital market.

 

He said the capital market is meant to mobilise long-term capital, provide transparent investment platforms, and promote accountability and investor confidence.

 

He explained that countries that have crossed key economic thresholds have relied on robust capital markets to allocate resources efficiently.

 

He noted that the capital market’s fundamental role is to bridge the gap between people and institutions who have funds for investment and institutions that need funds for new projects or expansion of existing projects.

 

According to him, the NGX had been fully involved in this.

 

“By playing that primary role, the capital market is boosting savings in the economy, and at the same time creating or enhancing businesses and making it possible to increase factors of production.

 

“These are proven strategies that will increase the Gross Domestic Product of Nigeria.

 

“One important way in which the capital market is playing its role in increasing Nigeria’s GDP is by funding infrastructure.

 

“The capital market players have funded critical infrastructure in power, telecommunications, transportation and so many sectors for private sector players, the Federal Government and sub nationals through various equity and debt issues .

 

“By doing that , we are helping to build the physical capital required to accelerate GDP growth.

 

“A recent example was the Federal Government’s seven year sukuk for road infrastructure which I understand witnessed huge oversubscription,” he said.

 

Kwaranga noted that the capital market is heavily involved in funding tech companies either through private equity funds or through direct listings on public markets.

 

He said this had a dual impact on GDP.

 

“First, many of these companies will come up with innovative ideas and technologies that will enable Nigeria to experience quantum leaps in productivity and GDP.

 

“Secondly, these companies use such funds to scale up, employ more Nigerians and boost their enterprise value and when such values are captured into the GDP, we are on track to the 2030 target.

 

The Chairman commended President Tinubu for introducing transformative economic reforms which had reignited investors’ confidence.

 

He said the fuel subsidy removal had unlocked over $10 billion annually while the exchange rate unification restored credibility to the FX market.

 

He noted that the enactment of the Investments and Securities Act (ISA) 2025, which is the first major update in nearly two decades, enhanced investor protection.

 

According to him, the gazetting of Nigeria’s AfCFTA tariff schedule strengthened regional trade access.

 

“These reforms have sent strong signals to investors. Since mid-2023, Nigeria has attracted over $50 billion in FDI commitments.

 

“Foreign portfolio investment through the capital market surged by 126.8 per cent, from N174.82 billion in 2023 to N396.41 billion in 2024. FDI also increased from $1.87 billion to $2.6 billion within the same period,” he said. (NAN) (www.nannews.ng)

 

Edited by Yakubu Uba

FMITI partners NGX Group to achieve bn investment target

FMITI partners NGX Group to achieve $6bn investment target

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By Taiye Olayemi

The Federal Ministry of Industry, Trade and Investment (FMITI) has partnered with the Nigerian Exchange Group (NGX Group) to achieve its ambitious $6 billion investment target.

In a statement signed on Tuesday by Mr Adebayo Thomas, Director, Press and Public Relations of the ministry, the commitment was underscored during a Closing Gong Ceremony at the NGX in Lagos.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, outlined FMITI’s ambitious target to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025.

Oduwole was at the Nigerian Exchange Ltd. (NGX) on the invitation of the Board and Management of Nigerian Exchange Group Plc (NGX Group) to perform the distinguished Closing Gong Ceremony on the Nigerian Exchange in Lagos on April 28.

Explaining further the financial targets and strategic vision of the $6 billion target, she said $3 billion was projected to come from Foreign Direct Investment (FDI) into key sectors.

According to her, such sectors include infrastructure, manufacturing, agribusiness, technology, and renewable energy.

She explained that these sectors were pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity.

She said another $3 billion would be mobilised through Foreign Portfolio Investment (FPI) by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.

She noted that these efforts were aimed at deepening market liquidity and aligning capital flows with national priorities.

Dr Oduwole emphasised the integral role of capital markets in driving economic resilience and sustainable growth.

She said, “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience.”

Also, Ahonsi Unuigbe, Chairman, NGX, reinforced the importance of this collaboration.

He said, “Capital markets are powerful engines of innovation, business expansion and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.”

Temi Popoola, Group Managing Director of NGX Group, highlighted the Exchange’s technology-driven vision.

“We are building a next-generation exchange ecosystem designed to democratise investment opportunities, enhance market liquidity and position Nigeria as a competitive destination for both domestic and international capital,” he said.

The News Agency of Nigeria (NAN) reports that the notable areas of collaboration included: Strategic Listing of State-Owned Enterprises, Empowering SMEs, and Green and Sustainable Finance.

Oduwole, was at the NGX on April 28 at the invitation of the Board and Management of the NGX Group to perform the distinguished closing gong ceremony on the Nigerian Exchange.

This symbolic ceremony, held on trading days, marks the formal close of the market and provides an excellent platform to showcase leadership, inspire stakeholders, and address critical economic issues. (NAN)

Edited by Olawunmi Ashafa

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