NGX partners UK to scale up investments in climate transition, SDGs

The Nigerian Exchange Limited (NGX) has partnered with the UK government’s Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme.

The partnership, both parties explained, is to enable greater investment toward achieving the United Nations sustainable development goals (SDGs) in Africa through products listed on the exchange.

The partnership was announced on Tuesday by James Cleverly, UK foreign secretary, during his two-day visit to Nigeria.

Cleverly visited the NGX trading floor and said that the collaboration between MOBILIST and NGX can help to catalyse and scale up public market investment products that support the climate transition and SDGs.

“Today, I announce a new partnership between Nigerian Exchange and MOBILIST that will bring capital markets more squarely into financing economic development. It will support the climate transition and the achievement of the UN Sustainable Development Goals (UN SDGs),” Cleverly said.

“MOBILIST supports new listings on public stock exchanges. That could be here in Nigeria, in Johannesburg or London. And that support could be technical, research-based, or could include equity investment from the UK government.

“Developing countries need at least $3.9 trillion in additional financing per year to achieve the SDGs. MOBILIST will help. And it’s just one of British Investment Partnership’s programmes.”

On his part, Abubakar Mahmoud, NGX chairman, said: “The UK remains Nigeria’s critical partner; especially in the areas of trade, exports, business, and investment and we welcome its government’s partnership on MOBILIST, which is in line with NGX’s long-term interest to direct greater investments towards achieving the UN SDGs through listed products.

“We will continue to forge strong partnerships that will foster the sustainable development of the Nigerian economy.”

Also speaking, Temi Popoola, NGX’s CEO, said the exchange remained firmly dedicated to promoting sustainable finance in Nigeria.

“This commitment drives us to continuously seek strategic partnerships with key stakeholders, including the UK Government,” he said.

“The Exchange, in collaboration with the Nigerian Government and industry stakeholders, played a leading role in advocating for and successfully issuing the inaugural green bond in 2017.

“Our collaboration on the MOBILIST program aims to further enhance our efforts in making the Nigerian capital market an attractive hub for investments that foster sustainable capital formation.”