As part of the Executive Business Dialogue events held by the United States Chamber of Commerce, Nigerian Exchange Group Plc, and Nigerian Investment Promotion Council on Wednesday, President Bola Tinubu rang the closing bell at NASDAQ in New York, USA.
The NGX Group has scheduled the business dialogue as one of the Non-Deal Roadshow’s activities to assist the new administration’s initiatives to rekindle foreign investors’ interest in the Nigerian economy.
“The Non-Deal Roadshow would help to foster dialogue, strengthen economic ties, and enhance collaboration,” the NGX stated in a statement it released about the event. The Group’s effort to promote the FG’s objective to attract foreign investors to the Nigerian economy includes the Roadshow. The objective is to demonstrate the stability of the capital market and capitalize on the rate of changes being implemented by President Tinubu’s new administration, allowing international investors to see the value created by the shifting landscape.
The overall amount of foreign transactions declined by 11.37 percent, from N45.74 billion to N40.54 billion, between June 2023 and July 2023, according to NGX’s Domestic & Foreign Portfolio Investment Report for July 2023. However, compared to June, when N22.72 billion was brought in from abroad, N9.45 billion was brought in in July, a 58.41% decrease. NGX Group stated that it also aims to draw in new listings by partnering with a few select businesses and showcasing them to foreign investors. It will feature NGX and a few top market players. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, will be the featured speaker at the Non-Deal Roadshow in New York and London, which is organized by the NGX Group in partnership with the Debt Management Office. Another event, Invest in Africa’s Future, is planned with the Ministry of Communications, Innovation and Digital Economy and Future Africa. Dr. Bosun Tijani, minister of communications, innovation, and the digital economy, will give the keynote address.
Among its other goals, the tech event will examine how the recently established NGX Technology Board can support capital formation in the sector and give US institutional investors interested in investing in Africa the chance to network with leading African venture capital firms and tech entrepreneurs.
Stanbic IBTC Capital, CardinalStone Partners, and Chapel Hill Denham are a few of the roadshow’s sponsors. There will also be participation from a few private businesses, including Lagos Free Zone Company, Niger Delta Exploration and Production Flutterwave, and VFD Group.
The bell-ringing ceremony with President Tinubu symbolizes the importance of the economic relations between the United States and Nigeria, according to a notice about the event posted on NASDAQ’s website.
The New York Stock Exchange leads the list of stock exchanges in terms of market capitalization of traded shares, while NASDAQ is the most active stock trading venue in the US by volume.