FG urges NGX to support $1tn economy goal
FG urges NGX to support $1tn economy goal
The Federal Government of Nigeria, through the Minister of Industry, Trade and Investment, Jumoke Oduwole, has urged the Nigerian Exchange Group (NGX) to play a vital role in achieving the country's ambitious goal of building a $1 trillion economy by 2030. Speaking at the 'Closing Gong' ceremony in Lagos, Oduwole underscored the importance of the capital market in driving economic growth and attracting both domestic and foreign investment.
The minister outlined the government's 2024 investment target of $6 billion, aiming for a balanced contribution of $3 billion from portfolio investors and $3 billion from Foreign Direct Investment (FDI). She acknowledged President Bola Tinubu’s previously announced investment figures and confirmed that the government is actively tracking these commitments.
Oduwole praised the capital market for its role in stabilizing the Nigerian economy and attracting much-needed FDI, but also encouraged the sector to become more proactive and vibrant in supporting the country’s economic recovery and growth initiatives.
In response, NGX Group Chairman Umaru Kwairanga affirmed the Group’s readiness to collaborate with the ministry to reach the $1tn goal. He also applauded the Federal Government for signing the Investments and Securities Bill 2025into law, which is expected to strengthen Nigeria’s capital market infrastructure and regulatory framework.
Similarly, NGX Limited Chairman Ahonsi Unuigbe reiterated the capital market’s commitment to funding the private sector and supporting government-led initiatives. He stressed the role of capital markets in providing alternative funding sources, especially for Small and Medium Enterprises (SMEs).
Temi Poopola, Group Managing Director of NGX Group, emphasized that the capital market can unlock value across industries and SMEs, serving as a flexible alternative to conventional banking. He also highlighted the market’s capacity to raise funds through innovative instruments like Sukuk and green bonds, which align with Nigeria’s broader economic and environmental sustainability goals.
Further reinforcing these points, NGX Limited CEO Jude Chiemeka discussed the potential of the Exchange’s multi-asset platform—covering equities, fixed income, and exchange-traded funds (ETFs)—to enhance capital formation and market liquidity.
Lastly, the article notes that NGX has partnered with the Federal Ministry of Environment to jointly address pressing environmental challenges, signaling the Group's growing role in sustainable finance and environmental initiatives.
