FG Commits To Strengthening Nigeria’s Capital Market

The federal government has pledged to strengthen Nigeria’s capital market as a cornerstone for economic growth and wealth creation for its citizens.

This commitment was reiterated by the Honourable Minister of State for Finance, Mrs. Doris Uzoka-Anite, during a weekend meeting with the board of the Securities and Exchange Commission (SEC) in Abuja.

Mrs. Uzoka-Anite revealed that President Bola Tinubu had mandated the Ministry of Finance to ensure that the capital market plays a central role in achieving the administration’s economic objectives. She highlighted the importance of the private sector in driving the market, which she described as essential for attaining the administration’s ‘Renewed Hope’ target of building 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,” Mrs. Uzoka-Anite stated. “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.”

The Honourable Minister emphasised the necessity of creating a resilient and dynamic market capable of accommodating primary offers while providing investors with viable exit options. She assured the SEC of the federal government’s unwavering support in ensuring that the capital market realises its potential as a driver of economic growth and a vehicle for wealth creation.

During the meeting, the SEC board chairman, Mr. Mairiga Katuka, highlighted the importance of close collaboration between the SEC and the Ministry of Finance. He described such cooperation as critical to fostering a vibrant and resilient capital market.

“The capital market is key to achieving the administration’s renewed hope agenda and boosting national economic development,” Mr. Katuka said. He noted that the SEC is undergoing significant reforms aimed at enhancing its global competitiveness and strengthening its role in economic diversification and financial inclusion.

Mr. Katuka reaffirmed the board’s commitment to supporting the federal government’s economic agenda and emphasized the need for sustained dialogue and collaboration to bolster market growth and investor confidence.

In related developments, the SEC announced plans to refine its regulatory framework for borrowing by both governments and corporations. The reforms aim to promote sustainability and improve efficiency within the financial system.