FG Expresses Commitment To Building Strong, Vibrant Capital Market

The federal government has reiterated its commitment to strengthening the capital market to promote wealth creation for Nigerians and support national development.

The minister of State for Finance, Dr. Doris Uzoka-Anite stated this during a meeting with members of the board of the Securities and Exchange Commission in Abuja, over the weekend.

Uzoka-Anite said the ministry has been given the mandate to ensure a vibrant capital market that drives economic growth and contributes to national development.

According to her, if we are to achieve the renewed hope mandate of a $1 trillion economy, it has to be through the capital market. It has to be private sector driven and that private sector drive is the capital market.

“A number of investors we had met previously in my former role were interested in the capital market. They want the market to be resilient enough to accommodate primary offers for them to exit when they come in. We are here to say that the market is open to accommodate them and we are committed to strengthening the capital market to make it more robust and ensure that investor confidence returns to the market.

That is one area you need a lot of support and I think we can do that as it is fundamental for you,” the minister pointed out.

The minister assured that the federal government is committed to supporting the Commission to ensure that the capital market realises its full potential, drives the economy and creates wealth for Nigerians.

In his remarks, chairman of the board of the SEC, Mairiga Katuka disclosed that the purpose of the meeting was to familiarize with the minister and to solicit for close cooperation aimed at fostering a strong relationship between the SEC and the Ministry of Finance for the purpose of promoting a resilient and vibrant capital market.

Katuka emphasised the need for strengthened collaboration between the SEC and its supervising authority, adding that this is necessary to ensure the entrenchment of a policy environment conducive to sustainable growth in the capital market.

He said, “the capital market is key in achieving the current administration’s Renewed Hope Agenda and harnessing available potentials in the market to boost national economic development.

“As the apex regulator of the Nigerian capital market, the SEC is saddled with the dual responsibility of regulating and developing the market with a view to attracting investments for wealth creation and supporting Nigeria’s developmental objectives.”

He stated that the Commission is currently going through reforms, which are necessary to make it attain world-class status and maintain its pride of place amongst its peers, adding that the Board will be counting on the support of the minister in driving the reforms in order to achieve the targeted outcomes.