FG Seeks Capital Market Support to Achieve $1trn Economy

Kayode Tokede 

The federal government yesterday called on the capital market to support the President Bola Tinubu-led administration effort to achieve a $ 1 trillion economy.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who performed the “Closing Gong” ceremony  at the NGX building in Lagos stated that the Nigerian capital market forms one of the critical pillars of the work that the Ministry announced in. January 2025. 

She disclosed that the Ministry would be collaborating with the capital market on at least six key areas which include the $ 1 trillion economy drive by the FG,  attracting more Foreign Direct Investment (FDI) into the country, among others.

She commended the capital market community for stabilizing the economy, attracting FDI, and having an exit poll.

“Of course, we’re going to ask for a lot more, a lot more vibrancy, and we’re going to support that. We’ve set ourselves at the industry a target of $6 billion this year, half of which, $3 billion, we’re expecting to be portfolio investors, and then the other half, FDI,” said the Minister. 

“So, we’ve also other innovative, , that include capital market solutions for  MSMEs and just also pushing our trade agenda across the African continental free trade.  

“There’s a lot we’d like to partner with the capital markets on as the priority aspects of the work for us at the Federal Ministry of Industry, Trade and Investment,” she explained. 

Speaking earlier, the Chairman of NGX Group, Dr Umaru Kwairanga, stated that the Minister had demonstrated exceptional performances within the short term she was appointed in terms of Nigeria’s rating, stressing that foreign investors’ repatriation of foreign exchange has become something of the past. 

According to him,  the Minister’s visit has demonstrated the Exchange as one of the promoters of the $1 trillion economy target of President Bola Tinubu. 

He assured the Minister that Nigeria’s capital market is ready to collaborate with the Minister of Industry, Trade and Investment to achieve the $ 1 trillion economy. 

“For us at the NGX, we believe the decision by the FG, however, it might be harsh or painful but, people have started to see the fruits of those decisions taken. For us at the NGX, we have  keen on the FG’s goals and objectives from day one, ” he said.

He commended the FG for signing the Investments and Securities Bill  (ISB) 2025 into law, urging the Minister to ensure President Bola Tinubu visited the Exchange before the end of 2025.

On his part, the Chairman of NGX Limited, Mr. Ahonsi Unuigbe acknowledged the Minister’s antecedents of excellence and all the activities leading up to her appointment. 

He expressed that the capital market community is ready to support the private sector and the funding required for the Minister to achieve its initiatives. 

GMD, NGX Group Plc, Mr Temi Poopola, expressed how the capital market can support industry, to unlock real value within the SME space, stating that capital markets are alternatives to banks. 

In addition, the Chief Executive Officer of NGX Limited, Mr Jude Chiemeka, said,, “There’s a lot of initiatives I believe that we can work on to begin to actualize the potential of the capital market, utilizing private capital to augment what the government is doing, especially around the non-traditional asset classes.

“As you’re aware, the Exchange is a multi-asset Exchange. We have equities, fixed income, and ETFs. Our ETF market is the second largest in Africa as we have about 12 ETFs.

“I think we can use some of these instruments to be able to raise capital, especially in non-interest finance like Sukuk, and green bonds. We look forward to an exciting collaboration to deepen our capital market and improve our liquidity.

“We’re really excited that the Minister has  taken the time to visit us today and we need to see positive outcomes shortly afterwards.”