UK, NGX harp on more dual listings, increase investment relationship

Kayode Tokede

The United Kingdom (UK) through its Foreign, Commonwealth and Development Office (FCDO) has stated that it will continue to collaborate with the Nigerian Exchange Limited (NGX) to boost more dual listings and deepen investment links to ensure Nigeria’s economic potential is unlocked.

UK government announced the Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) partnership with the Exchange which will facilitate increased investment in sustainable development in Nigeria through products listed on the Exchange.

The Secretary of State for Foreign, Commonwealth and Development Affairs, Rt. Hon. James Cleverly, said both Exchanges currently have Seplat Petroleum Plc and Airtel Africa Plc, expressing optimism over more dual listings.

“We have Seplat Petroleum Plc and Airtel Africa Plc listed on NGX and LSE. We wanted to see more dual listings,” he said.

Cleverly, who was accompanied by the British High Commissioner to Nigeria, Mr. Richard Montgomery and other senior officials of the UK Government during the “Closing Gong Ceremony” to honour his visit to Nigeria on the trading floor, noted that NGX, through its activities have a gravitational and attractive force to attract investment noting that investment fuels the economic activity, generates profit and unlocks the economic potential and feeds through jobs and prosperity for ordinary people for here in Nigeria and outside Nigeria.

He added that the UK government would love to see more of dual listings while adding that developing countries need at least $3.9 trillion in additional financing if it is going to have a credible chance of achieving their sustainability goals.

Commending the United Kingdom’s commitment to attaining Climate Neutrality by 2050 and its progress in transitioning to renewable energy sources, the Chairman, Nigerian Exchange Group Plc, Umaru Kwairanga said, “NGX remains fully committed to further strengthening its existing relationship with the UK by fostering even stronger partnerships and collaborations.”

On his part, the Chief Executive Officer, NGX, Temi Popoola, noted that the U.K’s inputs and importance is evident across the verticals of the Nigerian capital market.  “We will continue to work with the U.K government on expanding the digital transformation process, deepening capital flows into our markets, promoting sustainability and climate change mitigation in the capital market”, Popoola stated.