Minister Restates FG’s Committed to Capital Market Growth

Zainab Ahmed

Goddy Egene

The Minister of Finance, Mrs. Zainab Ahmed has said the federal government is committed to building a vibrant capital market that would contribute to the growth and development of the nation’s economy.

Ahmed stated this at the maiden Awards Night of the Securities and Exchange Commission (SEC) in Lagos on Tuesday.

Ahmed noted that the capital markets play a central role in the development of the economy through mobilisation of long term savings for investment as well as efficient pricing of financial instruments.

According to her, over the years, the capital market has provided platforms through which corporates and governments source for capital to expand their operations and provide amenities for its citizens

The minister commended the awardees for contributing in significant ways towards achieving the over 100 initiatives contained in the Capital Market Master plan.

She explained that the main thrust of the plan aligns to the vision of the Economic Recovery and Growth Plan (ERGP) for the financial services sector saying that when the ERGP was being prepared, copious references were made to the 10-year master plan.

Ahmed said that the ERGP vision for the financial services sector is to strengthen relevant market institutions and mitigate risk by building a healthy and competitive financial system that is better positioned to support private sector and contribute towards the sustainable development of our economy.

“Indeed, just as the capital market master plan, the ERGP policy objectives for the financial sector is to further diversify instruments of the stock market, review the capitalisation of the financial institutions and encourage lending to the real sector of the economy and encourage of the economy,” she said.

Meanwhile, the Acting Director General of SEC, Ms. Mary Uduk, said the award ceremony was put together to appreciate the tremendous support and collaboration the commission has received from market operators and various stakeholders in the capital market which has advanced collective aspiration to accelerate the growth of the market and contribute to the development of the nation’s economy.

According to her, the implementation of the 10-year capital market master plan commenced in earnest under the guidance of the Capital Market Master Plan Implementation Council Chaired by Mr. Olutola Mobolurin.

“ I am very pleased to state that we have made great strides in our implementation efforts. We have taken up the initiatives outlined in the master plan document in a systematic manner while also painstakingly engaging with the government, its agencies and other critical stakeholders whose support and collaboration is required to achieve the objectives outlined in the master plan,” she said.