Nigerian government to engage private sector to transform economy

The Nigerian government has announced that it will continue to engage and collaborate with the Nigerian Exchange Group (NGX Group) and the private sector to transform the economy and improve the welfare of Nigerians.

Nigerian President Muhammadu Buhari said this at the launch of the NGX Group’s campaign, “The Stock Africa is Made of,” on Tuesday.

The virtual event was held to highlight the NGX Group’s role and contribution to the African financial markets as a leading capital market infrastructure provider that connects Nigeria, Africa, and the rest of the world. 

President Buhari said that the campaign would help to portray Nigeria and Africa in a better light and highlight their enormous potential. 

He said that the successful demutualisation exercise would propel the NGX to a new role and contribution to Africa’s financial markets as a leading capital market infrastructure provider, connecting Nigeria and Africa to the rest of the world. 

“The history of the exchange is tied to the nation itself as it was founded 61 years ago, in which by 1960, Nigeria had gained independence.

“The exchange continues to play its part in nation building by stimulating economic growth. Our administration will continue to listen, engage and collaborate with the private sector with an aim of improving lives and transforming our nation.

“This is a proud moment for all of us and has brought about the democratisation of important institutions such as the exchange,” said president Buhari.

He mentioned that demutualization would make NGX more efficient, similar to many of its global peers. 

In his welcome address, Mr Temi Popoola, the Chief Executive Officer of Nigerian Exchange Ltd., said the exchange had acted as a primary driver for economic growth over the years. 

Popoola said: “The group has served as a key catalyst to the growth of the Nigerian economy since establishment in 1960.

“Partnerships have been a critical element in our strategy, thus enabling us to contribute to a sustainable economic development.

“Over the years, we have leveraged on the collaborative business environment instituted by his Excellency, to accelerate sustainable economic growth and development for the benefit of Nigerians.

“Some of our such partnerships includes, collaboration with the Federal Ministry of Finance, Ministry of Environment and the Debt Management Office among others,” he said.

Popoola expressed gratitude to president Buhari for providing a conducive climate for the exchange to take place. 

In her remarks, Mrs Tinuade Awe, the Chief Executive Officer of NGX Regulations, thanked stakeholders and investors for believing in and supporting the exchange over the years.

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