MOBILIST: The Nigerian Exchange (NGX) partners with the UK to finance Sustainable Development
On August 1st, 2023, James Cleverly, the UK Foreign Secretary of State, announced the Mobilizing Institutional Capital Through Listed Products (MOBILIST) partnership with the Nigerian Exchange (NGX) to boost investment in the country’s long-term growth.
MOBILIST is a British Investment Programme (BIP) that attempts to bring investment to developing countries. MOBILIST seeks to attract foreign investment into Nigerian investment products that promote sustainable development by listing Nigerian products in international markets and diverting investments into products that address climate change and promote the SDGs.
According to James Cleverly:
“MOBILIST supports new listings on public stock exchanges. That could be here in Nigeria, in Johannesburg or London. And that support could be technical, research-based, or could include equity investment from the UK government. Developing countries need at least $3.9 trillion in additional financing per year to achieve the SDGs. MOBILIST will help”
Key background
The United Nations Sustainable Development Goals are the blueprint by which countries of the world seek to ensure development across all facets of human endeavor. The SDGs represent a collective response to the problem of equitable opportunities for all peoples of the world. This is why it’s so important.
The United Nations Agenda 2030 is barely 7 years away. The Sustainable Development Goals (SDGs) are expected to be met this year. Africa is trailing behind in the implementation of the SDGs due to a lack of funds to fund sustainable development. According to the United Nations Development Program (UNDP) report for 2023, Africa is making slow progress in achieving the SDGs. Antonio Pedro, Acting Executive Secretary of the United Nations Economic Commission for Africa (ECA), emphasized the necessity for concessional finance to revive the momentum for the SDGs and Agenda 2030.
According to the Sustainable Development Report, Nigeria ranks 146th out of 166 nations in terms of SDG implementation. Nigeria is one of the poorest countries in the world, plagued by economic and political challenges. This has resulted in the participation of important stakeholders and governments such as the United Kingdom (UK) to support sustainable development in the country. The UK’s International Development Strategy (IDS) prioritizes development in its foreign policy, which is accomplished through partnerships tailored to the requirements of the countries with which it collaborates. The UK reiterates its commitment to sustainable development in Nigeria through Integrated Review Refresh (IR23).
How MOBILIST works
MOBILIST sources out emerging products in the Nigerian Exchange that support climate action and sustainable development and places them on the public market to channel greater investment from international investors. By leveraging the UK government’s platform, MOBLIST provides enhanced visibility on the global market for Nigerian investment products. MOBILIST also provides services like seed capital, Direct Investment, Technical Assistance, research-based advisory services, and enhanced visibility on the UK government platforms. MOBILIST encourages members of the NGX to submit investment products that tackle climate change and prioritize sustainable development in the country
MOBILIST partners with financial institutions at the core of capital markets and accepts proposals from the participants of the NGX such as brokers, investment banks, and intermediaries of public offerings. Nigerian products need to meet the UK’s eligibility criteria and show strong potential to achieve a strong listing.
What this means to you
As a driving force in sustainable development, individuals, NGOs, and public and private sectors need to work with the Nigerian Exchange to explore the MOBILIST partnership with the UK. Such a partnership will be essential to increase the rate of sustainable development in Nigeria.
Spread the word to companies that have investments that support sustainable development so they benefit from this opportunity.
For more information, visit the MOBILIST website.
