By Joy Baba-Yesufu
The Federal Ministry of Industry, Trade and Investment (FMITI), under the leadership of Dr. Jumoke Oduwole, has entered into a strategic partnership with the Nigerian Exchange Group (NGX Group) aimed at attracting $6 billion in foreign investment into Nigeria’s economy in 2025.
This landmark collaboration was formalised during a Closing Gong Ceremony at the NGX trading floor in Lagos, where Dr. Oduwole emphasized FMITI’s commitment to fostering industrial growth and economic resilience through capital market engagement.
Of the $6 billion investment target, $3 billion is expected through Foreign Direct Investment (FDI) into sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy. The remaining $3 billion will be mobilised through Foreign Portfolio Investment (FPI), using innovative tools like green bonds, diaspora-linked securities, and SME-focused platforms.
“These targeted investments will boost job creation, improve exports, and strengthen Nigeria’s productive base,” Dr. Oduwole stated.
Dr. Oduwole highlighted the vital role of capital markets in shaping national development, saying, “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and ensuring long-term economic stability.”
Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, echoed this, describing capital markets as engines of “business expansion, innovation, and economic inclusion.”
Temi Popoola, Group MD/CEO of NGX Group, noted: “We are building a tech-driven exchange ecosystem to democratise investments and enhance Nigeria’s appeal to both local and international investors.”
The FMITI–NGX partnership will focus on:Listing of State-Owned Enterprises (SOEs): Building on the success of the NNPC, additional SOEs are expected to be listed to boost transparency and market liquidity.
Support for SMEs: Plans are underway for a dedicated SME platform to provide funding access, mentorship, and growth pathways.
Green and Sustainable Finance: The NGX Impact Board will mobilise capital for climate-resilient and infrastructure projects via instruments such as green and sustainability bonds.
The initiative aligns with FMITI’s broader investment goals and recent FDI rebound, which hit $2.6 billion by Q2 2024.
Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, commended FMITI’s bold reform agenda, stating, “by integrating forward-thinking policies with market infrastructure, we’re catalysing a new era of sustainable development.”
Both FMITI and NGX reaffirmed their commitment to Nigeria’s vision of achieving a $1 trillion GDP by 2030, through investments aligned with national priorities and inclusive prosperity.
