Follow Us on Google Discover
The United States Consulate and Nigerian Exchange Limited (NGX or The Exchange) have announced a decision to collaborate on boosting investments and trade between Nigeria and the US.
The partnership was disclosed at the Closing Gong Ceremony held to commemorate the US Consul General’s courtesy visit to NGX on Friday, 14 October 2022.
What US Consul General is saying
The US Consul General, Mr. Will Stevens, giving his remarks said that the US is committed to facilitating its strategic interests of increasing US investments in Nigeria; Nigerian investments to the US, saying that trade between the US and Nigeria is paramount.
“It is an honour and I am very excited to be here today. Our goal is to work with the Exchange to create transparency and accessibility for Nigerian companies to international investors. I am looking forward to doing everything I can to increase trade between our nations, US investments in Nigeria, and Nigerian investments in the US.”
Other News
What the Exchange is saying
The Chief Executive Officer, NGX, Mr Temi Popoola at the event, noted the longstanding relationship between the US Mission and NGX over the years, underscoring the critical role the Consulate plays in driving the cooperation and assuring the Consul General of NGX’s commitment to its sustenance.
He said, “The US Consulate plays a commendable role in driving sustainable investments in Nigeria’s technology, agriculture and energy sectors via strategic partnerships with American corporates and investors that have significantly aided Nigeria’s economic growth and further entrenches the importance of sustaining our cooperation. NGX, through our role as a frontrunner for sustainable finance and business practices for the Nigerian capital market, will continue to champion initiatives that stir the ecosystem along the path to achieve economic recovery and inclusive development.
Popoola stated that NGX is keen on exploring avenues through which it could be the point of contact between Nigerian investors looking to access the US market and US institutional and retail investors wanting to approach the domestic market. “NGX is well positioned to leverage its partnerships for private sector advocacy, building capacity of market players, technological progress and digital transformation of markets.”
How many of these collaborations and visits have assisted NGX. It did not start today! With over 20 MOUs signed with various exchanges across the globe. It has always been an abuse of space. The beneficiary of the visit is the visitor, who shares the bragging right with his home country. There are policies and bottlenecks preventing these collaborations from being impactful. Until a proper structure is built to encourage entry and exit of foreign investors, NGX will continually be marking numbers. What has happened to wacmic, Luxembourg, Morrocco MoUs among others. Ghana that started yesterday is dwarfing NGX already by having 21st century quality listings.