The United Kingdom government says Nigeria needs $10 billion in financing every year to meet its Sustainable Development Goals by the year 2030. The UK made this statement while pledging support to help develop Nigeria’s capital market.

On Tuesday, the UK hosted events in Lagos with groups like the Nigerian Exchange Limited and Security and Exchange Commission. The events discussed ways to increase investment to support Nigeria’s development and transition to clean energy through the capital market.

The UK’s MOBILIST program aims to create new investment products listed on the NGX to attract more institutional investment for sustainable development in Nigeria. MOBILIST provides funding and technical help to overcome barriers to listing such products.

The British Deputy High Commissioner, Jonny Baxter, said a well-regulated capital market benefits the whole economy by allowing companies to raise funds for expansion, creating jobs and increasing incomes.

“The UK government is committed to supporting Nigeria in the continued development of its capital market to help deliver the country’s economic goals, including its ambitions to transition to clean energy solutions.”

“A liquid and well-regulated capital market benefits the entire economy by enabling companies to raise capital to fund their expansion, which in turn helps deliver crucial development, job opportunities and improved incomes.”

“MOBILIST’s focus on stimulating the creation of innovative listed products can make a unique and impactful contribution to achieving these objectives,” Baxter said.

The NGX Chairman Ahonsi, Unuigbe, in his goodwill remarks, highlighted the need to address obstacles hindering public listings, such as regulations, high costs, and market volatility. Overcoming these can unlock the capital market’s full potential for business growth.

Unuigbe stated, “The discussions we have today are crucial as we address barriers hindering public listings and explore actionable solutions. By overcoming these obstacles, we can unlock the full potential of our capital market, enabling more businesses to access the funding they need to grow and thrive. Some of these obstacles are significant such as regulatory challenges, high listing costs, and market volatility.”