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.
This call was made by the Minister of Industry, Trade and Investment, Jumoke Oduwole, during the ‘Closing Gong’ ceremony held on Monday in Lagos.
Oduwole emphasized the critical role the Nigerian capital market will play in driving the country’s economic growth, particularly in achieving the $1tn economy goal set by President Bola Tinubu. She revealed that the ministry plans to collaborate with the capital market on key initiatives, including driving investment and attracting more Foreign Direct Investment into the country.
She stated, “We have set a target of $6bn this year, with $3bn expected from portfolio investors and the other half from FDI. This is in addition to the amounts already announced by the President, which we are tracking.”
The minister commended the capital market for stabilizing the economy and bringing in much-needed FDI while urging the sector to be more vibrant and proactive in supporting Nigeria’s economic recovery.
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, also affirmed the capital market’s readiness to support the private sector’s funding needs and contribute to the government’s initiatives. He highlighted the importance of capital markets as an alternative source of funding, particularly for the SME sector.
Speaking at the event, the Group Managing Director of NGX Group, Temi Poopola, discussed the potential for the capital market to unlock value for industries and SMEs, noting that the market offers alternatives to traditional banking. Mr. Poopola also emphasized that the market is well-positioned to raise capital through instruments such as Sukuk and green bonds, which are aligned with the government’s economic and environmental goals.
The Chief Executive Officer of NGX Limited, Mr Jude Chiemeka, added that the Exchange’s multi-asset platform, which includes equities, fixed income, and ETFs, offers numerous opportunities to drive capital formation and enhance liquidity in the market.