The UK and Nigeria Join Forces to Facilitate Large-Scale Mobilisation of Private Capital Market

By: Amadi Vincent Uzoma

The UK Government is dedicated to supporting Nigeria in strengthening its thriving capital markets and views the Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) program as a solid foundation for cooperation with Nigeria’s financial sector.
Nigeria’s capital market has the potential to assist in achieving the country’s economic objectives, including the goal of transitioning to clean energy solutions, but requires approximately USD10 billion in yearly financing to achieve the Sustainable Development Goals (SDGs) by 2030.
During two recent MOBILIST events organized by the Nigerian Exchange Limited (NGX) and the British Deputy High Commission (BDHC) in Lagos, the UK reaffirmed its commitment to collaborating with Nigeria to facilitate substantial private capital mobilization.

The gatherings in Nigeria’s financial center brought together various stakeholders from the finance community, including representatives from the Securities and Exchange Commission (SEC) and the pension fund industry, to explore ways to address key obstacles to increasing investments in the SDGs through public markets.
These events follow the visit of former UK Foreign Secretary James Cleverly to Nigeria last year, where he participated in launching the partnership between MOBILIST and NGX, aiming to stimulate greater investment in the SDGs through new investment structures listed on the exchange.
MOBILIST offers investment capital in equity form and technical assistance to tackle barriers and allow for the listing of innovative products that can attract institutional capital at scale to address the challenges of development and climate transition.
The program also provides comprehensive research and policy advocacy support to identify obstacles and create a more conducive environment for issuers, investors, and intermediaries.

During the event, British Deputy High Commissioner, Jonny Baxter stated, “The UK government is dedicated to assisting Nigeria in further developing its capital market to support the country’s economic aspirations, including the transition to clean energy solutions.”
Chairman of NGX, Ahonsi Unuigbe, emphasized the importance of addressing barriers to public listings through collaborative discussions, noting that overcoming these obstacles would unlock the capital market’s full potential and enable more businesses to access the funding necessary for growth and success.
Ross Ferguson, the MOBILIST Programme Lead at the FCDO, mentioned, “MOBILIST represents the UK’s belief that public markets have an untapped yet vital role in financing sustainable development on a large scale by channeling private capital to where it’s most needed – to enterprises that will have the greatest impact on solving developmental challenges and facilitating a just and orderly climate transition for Nigeria.”