Here's how we arrive at that:

* Mg represents the element Magnesium.

* I represents the element Iodine.

* The subscript '2' indicates that there are two iodine ions for every magnesium ion.

In naming ionic compounds, we use the following rules:

1. The name of the metal (cation) comes first.

2. The name of the nonmetal (anion) comes second, with the ending changed to "-ide".

Therefore, the name of MgI₂ is Magnesium Iodide.