President Bola Tinubu rang the closing bell at NASDAQ on Wednesday as part of the Executive Business Dialogue jointly organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX), and the Nigerian Investment Promotion Council.
This business dialogue is a pivotal component of the Non-Deal Roadshow orchestrated by NGX Group, aimed at rekindling the interest of foreign investors in the Nigerian economy under the new administration.
In an official communication regarding the event, NGX stated that,
“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 recognise the value created by the changing landscape.”
According to NGX’s Domestic & Foreign Portfolio Investment Report for July 2023, total foreign transactions saw an 11.37% decrease, dropping from N45.74 billion to N40.54 billion between June and July 2023. Furthermore, foreign inflow for July witnessed a substantial 58.41% decline, plummeting to N9.45 billion from N22.72 billion in the previous month.
NGX Group has outlined its strategy to attract more listings by spotlighting select companies before international investors. This initiative will shine a light on NGX and prominent blue-chip market operators.
The NGX Group has a series of events lined up between September 20 and 25, including 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. Additionally, there is a tech-themed event, “Invest in Africa’s Future,” planned in partnership with the Ministry of Communications, Innovation, and Digital Economy, featuring Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy.
The tech event aims to explore the role of the newly created NGX Technology Board in supporting capital formation in the technology industry. It will also provide an opportunity for US institutional investors interested in African ventures to connect with prominent African venture capital firms and tech founders.
Sponsors of the roadshow include Stanbic IBTC Capital, CardinalStone Partners, Chapel Hill Denham, Lagos Free Zone Company, Niger Delta Exploration and Production, Flutterwave, and VFD Group.
NASDAQ, the world’s second-largest stock exchange by market capitalization of shares traded, emphasized the significance of the economic ties between the United States and Nigeria through the bell-ringing ceremony with President Tinubu. NASDAQ, known for its vibrant stock trading activity, plays a crucial role in the global financial landscape.