Former President Bola Tinubu participated in the ringing of the closing bell at NASDAQ in New York, United States. This event was part of the Executive Business Dialogue, jointly organized by the United States Chamber of Commerce, Nigerian Exchange Group Plc, and the Nigerian Investment Promotion Council.
The dialogue formed a crucial element of the Non-Deal Roadshow orchestrated by the NGX Group. The purpose of this roadshow was to rekindle foreign investor interest in Nigeria’s economy and support the new administration’s initiatives.
In a statement released by the NGX, it was emphasized that the Non-Deal Roadshow aimed to facilitate dialogues, strengthen economic partnerships, and foster collaboration. It was designed to showcase the resilience of the capital market and capitalize on the reforms initiated by President Tinubu’s administration, demonstrating the value generated by these transformations.
The roadshow comes in response to data from the Domestic & Foreign Portfolio Investment Report for July 2023, which indicated an 11.37% reduction in total foreign transactions between June and July 2023. Furthermore, foreign inflow for July experienced a significant decline of 58.41%, dropping from N22.72bn to N9.45bn compared to the previous month.
NGX Group said that it is also looking to attract more listings by engaging select companies and spotlighting them in front of international investors. It will spotlight NGX and some blue-chip market operators.
The NGX Group has a series of events lined up from September 20 to 25. These include the Non-Deal Roadshow, which will take place in New York and London, and is being organized in collaboration with the Debt Management Office. The event will be headlined by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Another significant event on the agenda is a tech-focused gathering titled “Invest in Africa’s Future.” This event is being planned in partnership with the Ministry of Communications, Innovation, and Digital Economy, as well as Future Africa. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, will be the main speaker at this event.
Among the key objectives of the tech event is to explore how the newly established NGX Technology Board can contribute to capital formation within the technology industry. Additionally, it will provide an opportunity for US institutional investors with an interest in African investments to connect with prominent African venture capital firms and technology founders.
Some of the sponsors of the roadshow include Stanbic IBTC Capital, CardinalStone Partners, and Chapel Hill Denham. Some private companies like Lagos Free Zone Company, Niger Delta Exploration and Production Flutterwave, and VFD Group will also be participating.
In a notice on its side about the event, NASDAQ said that the bell-ringing ceremony with President Tinubu symbolizes the significance of the economic ties between the United States and Nigeria.
NASDAQ is the most active stock trading venue in the US by volume, and ranked second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange.
