New York, United States – President Bola Tinubu participated in a significant moment as he rang the closing bell at NASDAQ on Wednesday, the 20th of September, 2023. This event was a part of the Executive Business Dialogue organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX), and the Nigerian Investment Promotion Council.
The Executive Business Dialogue serves as a pivotal component of the Non-Deal Roadshow orchestrated by NGX Group. This roadshow aims to bolster the foreign investors’ interest in the Nigerian economy, a priority for the new administration.
NGX, in a statement, emphasized the objective of the Non-Deal Roadshow: “The Non-Deal Roadshow would help to foster dialogue, strengthen economic ties, and enhance collaboration. The Roadshow is part of the Group’s drive to support FG’s agenda to elicit the interest of foreign investors in the Nigerian economy. The goal is to display the robustness of the capital market and leverage the pace of reforms by the new administration of President Tinubu; enabling foreign investors to recognize the value created by the changing landscape.”
Highlighting the urgency of the matter, NGX’s Domestic & Foreign Portfolio Investment Report for July 2023 revealed a decrease of 11.37% in total foreign transactions between June and July 2023. Moreover, foreign inflow for July plummeted by 58.41%, reflecting a growing need for revitalized foreign investment.
The NGX Group is actively seeking to attract more listings and draw international attention to select companies within its purview. This initiative will put NGX and key market operators in the spotlight.
In addition to President Tinubu’s participation in NASDAQ’s closing bell ceremony, NGX Group has a series of events lined up between September 20 and 25. These include the Non-Deal Roadshow in New York and London, organized in collaboration with the Debt Management Office and headlined by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. There is also a tech event titled “Invest in Africa’s Future,” planned in conjunction with the Ministry of Communications, Innovation, and Digital Economy. This event will be headlined by Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy.
The tech event aims to explore how the newly established NGX Technology Board can support capital formation in the technology industry. Additionally, it provides a unique opportunity for U.S. institutional investors interested in African ventures to engage with prominent African venture capital firms and tech founders.
Sponsors of the roadshow, including Stanbic IBTC Capital, CardinalStone Partners, and Chapel Hill Denham, along with private companies like Lagos Free Zone Company, Niger Delta Exploration and Production, Flutterwave, and VFD Group, will also actively participate in these events.
NASDAQ, one of the most active stock trading venues in the United States by volume, stated that the bell-ringing ceremony with President Tinubu symbolizes the significance of economic ties between the United States and Nigeria.
This event at NASDAQ underscores the commitment to fostering economic collaboration and increasing foreign investment in Nigeria, particularly at a time when global economic engagement is of paramount importance.