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The federal government has reiterated its dedication to bolstering Nigeria’s capital market as a cornerstone for driving economic growth and wealth creation for its citizens.
Speaking during a meeting with the board of the Securities and Exchange Commission (SEC) in Abuja over the weekend, Minister of State for Finance, Doris Uzoka-Anite, highlighted the administration’s vision for the capital market as a key enabler of its economic agenda.
She stated that President Bola Tinubu has tasked the Ministry of Finance with ensuring the capital market plays a central role in achieving the administration’s economic goals, including the ambition of a $1 trillion economy.
“If we are to achieve the renewed hope mandate of a $1tn economy, it has to be through the capital market,” Uzoka-Anite said. “It has to be private sector-driven, and that private sector drive is the capital market. We are committed to strengthening the market to make it more robust and ensure that investor confidence is restored.”
Uzoka-Anite emphasized the need for a resilient capital market that accommodates primary offers and provides investors with viable exit options. She pledged the government’s support to help the SEC reach its full potential in fostering economic growth and wealth creation for Nigerians.
The chairman of the SEC board, Mairiga Katuka, underscored the importance of collaboration between the SEC and the Ministry of Finance in achieving a vibrant and resilient capital market.
“The capital market is key to achieving the administration’s renewed hope agenda and boosting national economic development,” Katuka noted.
He further revealed that the SEC is undergoing significant reforms aimed at making the market globally competitive, with a focus on economic diversification and financial inclusion. Katuka assured the minister of the board’s unwavering commitment to supporting the government’s economic agenda, stressing the need for sustained dialogue and collaboration to drive growth and investor confidence.
In related developments, the SEC has announced plans to enhance the regulatory framework for borrowing by governments and corporations, prioritizing sustainability and efficiency within the financial system.
The federal government’s renewed focus on the capital market signals its commitment to leveraging private sector participation to achieve broader economic objectives.
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