FG Urges NGX: Support Nigeria’s $1 Trillion Economy Goal
The Federal Government has called on the Nigerian Exchange Group to play a pivotal role in helping Nigeria achieve its $1tn economy target by 2030.
The call was initiated by the Minister of Industry, Trade, and Investment, Jumoke Oduwole, at the 'Closing Gong' event that took place on Monday in Lagos.
Oduwole highlighted the crucial part that Nigeria's stock exchange will have in propelling the nation’s economic expansion, specifically aiming for the $1 trillion GDP target established by President Bola Tinubu. She disclosed that her department intends to work alongside the financial markets on significant projects aimed at boosting investments and luring additional foreign direct investment into the country.
She said, "Our objective for this year is to reach $6 billion, with an anticipated contribution of $3 billion coming from portfolio investors and the remaining amount from foreign direct investment. We will also be monitoring the figures previously mentioned by the President."
The minister praised the capital market for helping stabilize the economy and attracting crucial foreign direct investment, simultaneously encouraging the sector to become more dynamic and active in aiding Nigeria’s economic revival.
The Chairman of NGX Group, Umaru Kwairanga, responded to the minister’s call, confirming that the Nigerian capital market is ready to collaborate with the Ministry in achieving the $1tn economy target. He also commended the Federal Government for the recent signing of the Investments and Securities Bill 2025 into law, which is expected to further enhance the country’s capital market ecosystem.
The Chairman of NGX Limited, Ahonsi Unuigbe, similarly confirmed that the capital market is prepared to assist with the private sector’s financial requirements and aid governmental programs. Emphasizing the significance of capital markets as an additional funding option, he specifically pointed out their role in supporting the SME sector.
At the event, Temi Poopola, the Group Managing Director of NGX Group, addressed how the capital market can create additional value for various sectors including industries and small-to-medium enterprises (SMEs). He highlighted that this marketplace provides viable options beyond conventional banking services. Furthermore, Mr. Poopola underscored that the market is strategically poised to generate funds via financial tools like Sukuk and green bonds, aligning closely with governmental objectives concerning both economy and environment.
Mr. Jude Chiemeka, the CEO of NGX Limited, highlighted that the company’s diversified asset platform—which encompasses stocks, bonds, and exchange-traded funds—provides extensive possibilities for boosting capital creation and increasing market liquidity.
PUNCH reported that the Federal Ministry of Environment and Nigerian Exchange Limited have joined forces to tackle environmental problems within the nation.
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