August 25, 2021 / 11:27 AM / CIS / Header Image Credit: Aso Rock Villa
The Federal Government has assured securities dealers that it would create an enabling environment for optimal use of the capital market to achieve double-digit growth.
Besides, the Federal Government has repeated its resolve to end insecurity, which has significantly dampened both foreign and local investor interest in Nigeria.
While addressing participants at the just concluded National Workshop organised by the Chartered Institute of Stockbrokers (CIS) in Abuja at the weekend, on "Leveraging the financial markets to achieve double-digit economic growth for Nigeria", President Mohammed Buhari said that his Administration would work with the regulators and operators of the Capital Market to address issues around accelerating investment in the nation's capital market.
In her presentation, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, noted that the Nigerian capital market had contributed immensely to the long-term growth and development of the economy.
According to her, the Federal Government would continue to enact laws that further globalize the Nigerian Capital Market.
"There is a lot of work to be done to build the Nigerian economy and achieve the pace needed to make double-digit growth a reality. I wish to pledge the government's continuous support and partnership with the Nigerian Capital Market and the Chartered Institute of Stockbrokers as we continue the task of nation-building.
"The Nigerian capital market has provided, over the years, access to significant long term development capital to the Federal Government and other tiers of government and private sectors.
"To achieve consistent economic growth, early in the life of this administration, the government developed the Economic Recovery and Growth Plan (ERGP) 2017 - 2020, a medium-term plan designed to foster growth and build a globally competitive economy through diversification, increased investment in infrastructure, digitalization, and improvement in the ease of doing business", said Muazu.
Corroborating her statement, the Secretary to the Federal Government of Nigeria (SGF), Mr Boss Mustapha, represented by the Permanent Secretary, Economic and Political Affairs Office, Mr Andrew Adejo, assured stockbrokers that the Federal Government would continue to improve on the security situation in the country. He commended the Institute, observing that "the role of stockbrokers in wealth creation and ensuring that the capital market remains a sustainable platform for raising long-term capital is notable".
Earlier in his welcome address, the Institute's President, Mr Olatunde Amolegbe, appealed to all tiers of government to use the market to raise long-term funds to finance growth and development. Amolegbe noted that the Capital market was performing below its potential.
"We need to push for an annual average GDP growth rate of 10 percent or moreover the next 10-to-20-years to achieve sustainable development and to improve the standard of living of Nigerians.
"That was the secret of China's transformation from a developing country of Nigeria's status to a developed one that rivals the USA in almost every facet of economic activity today", said Amolegbe.
The Chairman, Organising Committee of the Workshop, Alhaji Umaru Kwairanga, said the Workshop was to encourage the governments at all tiers to return to the capital market to source medium to long-term funds to build infrastructure, describing it as a win-win for the governments and the market.