Nigeria, Others Need $3.9trn to Achieve Sustainability Goals—UK

By Aduragbemi Omiyale

The United Kingdom has said Nigeria and other developing countries would require $3.9 trillion in additional funding to meet their sustainability goals.

The UK Secretary of State, Mr James Cleverly, said this when he was hosted at the Nigerian Exchange (NGX) Limited on Tuesday in Lagos.

He promised that his country would collaborate with the bourse to attract investments in sustainable development in Nigeria through products listed on the exchange through Mobilising Institutional Capital Through Listed Product Structures (MOBILIST).

Mr Cleverly further said the UK, through its Foreign, Commonwealth and Development Office (FCDO), will continue to focus on building future investment links to ensure Nigeria’s economic potential is unlocked.

He disclosed that the UK government would love to see more dual listings and work with the NGX to attract listings as well as investment in the capital market.

Commending the United Kingdom’s commitment to attaining Climate Neutrality by 2050 and its progress in transitioning to renewable energy sources, the Chairman of NGX Group Plc, Mr Umaru Kwairanga, said, “NGX remains fully committed to further strengthening its existing relationship with the UK by fostering even stronger partnerships and collaborations.”

On his part, the chief executive of the NGX, Mr Temi Popoola, noted that the UK’s inputs and importance is evident across the verticals of the Nigerian capital market.

“We will continue to work with the UK government on expanding the digital transformation process, deepening capital flows into our markets, promoting sustainability and climate change mitigation in the capital market,” he said.