Oritsegbubemi Omatseyin
Lagos — The Federal Ministry of Industry, Trade and Investment, FMITI, under the leadership of Minister Dr. Jumoke Oduwole, MFR, has reaffirmed its commitment to Nigeria’s economic transformation through a robust partnership with the Nigerian Exchange Group, NGX Group.
This collaboration was highlighted during the distinguished Closing Gong Ceremony at the NGX Group, Lagos, where Dr. Oduwole outlined FMITI’s ambitious target to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025.
This symbolic ceremony, held on trading days, marks the formal close of the market and provides an excellent platform to showcase leadership, inspire stakeholders, and address critical economic issues.
From the $6 billion target, $3 billion is projected to come from Foreign Direct Investment, FDI, into key sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy. These sectors are pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity.
Another $3 billion will be mobilized through Foreign Portfolio Investment, FPI, by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms. These efforts aim to deepen market liquidity and align capital flows with national priorities.
Dr. Oduwole emphasized the integral role of capital markets in driving economic resilience and sustainable growth, stating: “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience.”
Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, NGX, reinforced the importance of this collaboration, noting that capital markets are powerful engines of innovation, business expansion, and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.
Temi Popoola, Group Managing Director/CEO of NGX Group, highlighted the Exchange’s technology-driven vision: “We are building a next-generation exchange ecosystem designed to democratize investment opportunities, enhance market liquidity, and position Nigeria as a competitive destination for both domestic and international capital.”
The engagement brought together key stakeholders from the capital market ecosystem, all of whom reaffirmed their commitment to supporting FMITI’s initiatives.
A notable area of collaboration is the strategic listing of State-Owned Enterprises, SOEs. Building on the successful corporatization of the Nigerian National Petroleum Company, NNPC, the listing of SOEs is expected to unlock significant value, enhance transparency, and deepen market liquidity.
Also, efforts are underway to establish a dedicated capital market platform for small businesses, providing access to funding, capacity-building programs, and pathways for sustainable growth.
In addition, the NGX Impact Board is set to mobilize capital for high-impact projects through instruments like green and sustainability bonds, supporting climate resilience and infrastructure development.
The NGX Group also emphasized its role as a gateway to capital markets, offering a robust platform for cross-border investments. This aligns with FMITI’s vision to restore investor confidence and attract foreign capital, as evidenced by the recent rebound in Foreign Direct Investment, FDI, which rose to $2.6 billion by Q2 2024.
Speaking at the ceremony, Alhaji Umaru Kwairanga, Chairman of NGX Group, commended the Ministry’s leadership and bold reforms, which have set the stage for inclusive growth. “By fusing policy innovation with market infrastructure, we can catalyze a new era of sustainable growth and national development,” he stated.
As Nigeria moves toward its $1 trillion GDP target by 2030, FMITI and NGX Group remain steadfast in their shared ambition to build a prosperous, inclusive, and resilient economy. Together, they aim to align investments with national priorities, unlock the full potential of Nigerian enterprise, and create tangible opportunities for all Nigerians.
