By Ologeh Joseph Chibu
President Bola on Wednesday rang the historic bell at the New York Stock Exchange.
The Nigerian President took the center stage at the NASDAQ exchange in New York, United States.
Tinubu is currently addressing the United Nations General Assembly in New York where he already spoke to world leaders.
The occasion marked the culmination of the Executive Business Dialogue, a collaborative effort between the United States Chamber of Commerce, the Nigerian Exchange Group Plc (NGX), and the Nigerian Investment Promotion Council.
This business dialogue served as a pivotal component of the Non-Deal Roadshow orchestrated by NGX, aimed at rekindling the interest of foreign investors in the Nigerian economy. NGX, in its statement, articulated the mission: “The Non-Deal Roadshow aims to facilitate dialogue, strengthen economic bonds, and foster collaboration. It is part of our commitment to support the Federal Government’s agenda, enticing foreign investors to explore the opportunities in the evolving Nigerian economic landscape.”
In the Domestic & Foreign Portfolio Investment Report for July 2023, NGX revealed a decrease of 11.37 percent in total foreign transactions, sliding from N45.74 billion in June 2023 to N40.54 billion in July 2023. Notably, foreign inflows in July plummeted by a significant 58.41 percent, dwindling to N9.45 billion from N22.72 billion the preceding month.
To bolster investor engagement, NGX Group pledged to intensify efforts in attracting new listings by actively engaging select companies and showcasing them to international investors. These endeavors would spotlight NGX itself alongside prominent blue-chip market players.
The NGX Group had a packed agenda running from September 20 to 25, featuring the New York and London legs of the Non-Deal Roadshow, held in collaboration with the Debt Management Office. This marquee event was graced by the presence of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. In addition, a tech-focused event, themed “Invest in Africa’s Future,” was scheduled in partnership with the Ministry of Communications, Innovation, and Digital Economy, and Future Africa. This event boasted the leadership of Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy.
The tech event held a myriad of objectives, including an exploration of how the newly established NGX Technology Board could stimulate capital formation in the technology sector. It also provided an exclusive opportunity for U.S. institutional investors keen on African investments to connect with influential African venture capital firms and tech visionaries.
Distinguished sponsors threw their weight behind the roadshow, with Stanbic IBTC Capital, CardinalStone Partners, and Chapel Hill Denham leading the charge. Private enterprises such as Lagos Free Zone Company, Niger Delta Exploration and Production, Flutterwave, and VFD Group also actively participated in the proceedings.
NASDAQ, the renowned stock exchange, underscored the event’s importance, noting that President Tinubu’s ceremonial closing bell ringing symbolized the profound economic ties linking the United States and Nigeria.
NASDAQ, as the most active stock trading venue in the U.S. by volume and second in market capitalization, underscored its significance in global financial markets.