On August 1, 2023, Nigerian Exchange Limited (NGX) announced its partnership with the UK government’s MOBILIST programme. This collaboration aims to encourage greater investment towards achieving the United Nations Sustainable Development Goals (SDGs) in Africa through products listed on the Exchange.
The partnership was revealed during the visit of UK Foreign Secretary James Cleverly to Nigeria. Cleverly expressed that the cooperation between MOBILIST and NGX can have a significant impact in catalyzing and scaling up public market investment products that support the climate transition and SDGs.
The MOBILIST programme’s primary objective is to unlock the potential of public capital markets for sustainable finance in emerging markets and developing economies.
According to the OECD, Africa faces a sustainable financing gap of around $1.6 trillion until 2030, requiring approximately $194 billion in additional funding annually to achieve the SDGs by that year.
MOBILIST was established to help channel some of the $250 trillion in private capital currently held in products listed on global stock exchanges towards addressing this financing gap in Africa and supporting sustainable development initiatives.
Strengthening the Competitiveness of African Economies
During his visit to the Nigerian Exchange Limited (NGX) in Lagos, UK Foreign Secretary James Cleverly announced an exciting new partnership between NGX and the UK government’s MOBILIST programme. (The full meaning of MOBILIST is Mobilising Institutional Capital Through Listed Product Structures).
MOBILIST is a flagship UK public markets programme that aims to support the climate transition and Sustainable Development Goals (SDGs) by competitively sourcing and selecting emerging and frontier market investment products. It channels investments towards these products and provides direct investment, technical assistance, advisory services, and enhanced visibility through the UK Government’s platforms.
The programme is actively seeking eligible products in Nigeria that could benefit from its support. MOBILIST is a significant part of the British Investment Partnerships (BIP) offer, which brings together the UK’s economic development and investment initiatives. BIP combines development finance, capital market mobilization, export finance, and UK technical expertise, fostering a collaborative partnerships approach.
The partnership between NGX and MOBILIST holds great potential in advancing sustainable development and climate goals in Nigeria and demonstrates the commitment of both the UK and Nigerian governments to promoting impactful financial products and investments.
UK Foreign Secretary, James Cleverly said:
Today, I am excited to announce a new partnership between Nigerian Exchange and MOBILIST, which aims to further integrate capital markets into financing economic development. This collaboration will play a vital role in supporting the climate transition and the achievement of the UN Sustainable Development Goals (SDGs).
MOBILIST’s primary focus is to facilitate new listings on public stock exchanges, including those in Nigeria, Johannesburg, or London. The support provided by MOBILIST could be technical, research-based, or may even include equity investment from the UK government.
As developing countries require at least $3.9 trillion in additional financing annually to attain the SDGs, MOBILIST’s involvement will be instrumental in addressing this financial gap. This partnership is just one of the many programmes offered by the British Investment Partnership, reflecting our commitment to fostering impactful initiatives and collaborations for sustainable economic development.
Together, through this partnership, we aim to make significant strides in advancing sustainable development and climate-related goals, and create a positive impact on the future of our nations.
Abubakar Mahmoud, SAN, OON, Chairman, NGX stated:
“The UK continues to be a critical partner for Nigeria, particularly in trade, exports, business, and investment. We warmly welcome the UK government’s collaboration on MOBILIST, which aligns perfectly with NGX’s long-term vision of attracting more investments that contribute to the achievement of the UN Sustainable Development Goals (SDGs) through listed products. Our goal is to direct significant resources towards sustainable development initiatives”.
He also added; “Moving forward, we will actively seek and build strong partnerships that promote the sustainable development of the Nigerian economy. By working together, we can create meaningful impact and contribute to a more prosperous and sustainable future for our nation”.
Temi Popoola, NGX’s CEO, said:
At NGX, our unwavering dedication is to advance sustainable finance in Nigeria. This commitment motivates us to actively seek strategic partnerships with significant stakeholders, including the UK Government. We are proud to have worked alongside the Nigerian Government and industry stakeholders in leading the advocacy and successful issuance of the inaugural green bond in 2017.
Our collaboration with the MOBILIST program is a testament to our continuous efforts to transform the Nigerian capital market into an attractive hub for sustainable investments. By joining forces, we aim to strengthen our impact in fostering sustainable capital formation, creating a positive and lasting change for our country’s economic development and the achievement of sustainable goals.
MOBILIST Investment and Technical Assistance to NGX Participants
MOBILIST’s mission is to collaborate with key financial institutions at the heart of capital markets. The program welcomes proposals from NGX participants, including brokers, investment banks, and intermediaries involved in public offerings. While MOBILIST focuses on deploying equity capital, it can offer technical assistance funding to debt securities issuers.
For interested parties, a Request for Proposal has been made available on the MOBILIST website. To learn more or submit proposals, you can contact Severin Luebke, MOBILIST Team Leader at contact-us@ukbmobilist.com. This presents an excellent opportunity for financial institutions to engage in sustainable finance initiatives and contribute to the achievement of SDGs through listed products.
About the Foreign Commonwealth & Development Office
The Foreign, Commonwealth & Development Office (FCDO) is dedicated to advancing the UK’s national interests and projecting a positive influence globally.
The Nigerian Stock Exchange mission is to promote the interests of British citizens, ensure the security of the UK, uphold their values, combat poverty, and address global challenges alongside our international partners.
Through collaborative efforts and diplomacy, they aim to make a positive impact on the world and be a force for good in addressing global issues and promoting prosperity.
About MOBILIST (Mobilising Institutional Capital Through Listed Product Structures)
MOBILIST, a flagship UK government programme, is dedicated to supporting investment solutions that contribute to the climate transition and the achievement of the United Nations Sustainable Development Goals in developing economies. The programme’s primary focus is on mobilizing institutional capital to create new scalable and replicable financial products.
Through MOBILIST, investments are made, technical assistance is provided, research is conducted, and partnerships are built to catalyze investments in new listed products. This initiative aims to have a meaningful impact on sustainable finance and foster positive change in developing economies. To learn more about MOBILIST and its initiatives, you can visit their website at www.mobilistglobal.com.
About NGX
Nigerian Exchange Limited (NGX) is a leading listing and trading venue in Africa, fully owned by Nigerian Exchange Group Plc (NGX Group). As an open, professional, and vibrant Exchange, it serves as a vital connection between Nigeria, Africa, and the rest of the world.
NGX is a premier multi-asset exchange offering a diverse range of securities, including the best of African enterprises listed on its Premium, Main, and Growth Boards. It also provides various fixed income securities, Exchange Traded Products (ETPs), and Mutual and other investment funds.
By offering such a broad array of assets, NGX enables domestic and international investors to access these securities, helping them achieve their financial objectives. Furthermore, NGX offers licensing services, market data solutions, ancillary technology services, and more, all aimed at becoming Africa’s preferred Exchange hub.
Reference
- OECD, 2023. Africa’ Development Dynamics 2023: Investing in Sustainable Development.
- Online: https://www.oecd-ilibrary.org/sites/3269532b-en/index.html?itemId=/content/publication/3269532b-en [Accessed on 27 July 2023.]
- Online: https://www.gov.uk/government/organisations/foreign-commonwealth-development-office
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