Nigerian Exchange to mobilize capital for government’s investment drive

Salamatu Ejembi, Lagos

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The Nigerian Exchange Limited, NGX, has declared its readiness to lend its support to the Federal Government’s objective of wooing investors to the country by mobilizing capital to address existing challenges and foster wealth creation for Nigerians.

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The CEO of the NGX, Mr. Temi Popoola stated that the enormity of the challenges are clear and work has begun to address all the issues, “whether capital inflows or foreign exchange illiquidity, NGX remains a veritable platform for solving these economic challenges.”

According to Popoola, encouraging listings can also help address some of the problems including tax revenues, and create value for shareholders as listed companies have better governance and are more accountable with tax payment.

This is coming after the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, ceremonially rang the Opening Bell at the London Stock Exchange on Monday, 25th September 2023 to spotlight the London arm of the NGX International Non-Deal Roadshow.

Similarly last week, President Bola Tinubu rang the Closing Bell at NASDAQ Exchange in New York, marking a significant moment in the NGX International Non-Deal Roadshow.

While speaking to the media on the sidelines of the Roadshow in London, the NGX CEO pointed out that President Tinubu’s administration, presently engaged in tax reforms to boost revenue, can harness the potential of the capital market to create value and simultaneously achieve its objectives while delivering returns to investors.

Since the onset of the COVID-19 pandemic in 2020, foreign investment in Nigeria has experienced a significant decline, mirroring the trend observed in other emerging economies during the same period.

The NGX International Non-Deal Roadshow is part of ongoing endeavors to attract foreign investors to the Nigerian economy and is supported by Stanbic IBTC, CardinalStone Partners, and Chapel Hill Denham.