Nigeria's Capital Market looks to invigorating legislation to reinvent self

The Nigerian Capital Market in the shortest possible time will likely see a set of new legislations that could help invigorate its activities which have been battered by the slowing economy, especially in recent times.

Bukola Saraki, Senate President said today that the National Assembly is troubled by the downturn in the market which has eroded confidence and also gave assurances of the NASS to expedite actions on relevant legislative proposals that could reverse present trend.

Nigerian Stock Market crashed by N1.732trilion within one year of the Muhammadu Buhari-led Federal Government as Nigerian Stock Exchange data indicated market capitalisation stayed at N9.926tn as at May 27, 2016 down from N11.658tn, as at May 28, 2015.

Investors in capital market (equity category) lost over N1.053tn in the first quarter of 2016 according to reports as equities market depreciated by 10.79 per cent.

Speaking at the opening of a two-day stakeholders’ forum which began today in Abuja, Saraki said something needs to be done and “quickly too.”

The forum is titled: “Realising the full potentials of the Nigerian Economy through proactive capital market legislation.”

He urged that capital market regulators, operators and stakeholders to work out those bills they see critical to helping the capital market while the NASS, according to him, stand ready to give quick hearing to them.

“If we give us those bills, we will expedite actions on them,” Saraki pledged.

Yakubu Dogara, leader of the House of Representatives, on his part noted that Nigeria’s present low Foreign Exchange earnings must be diversified and that the capital market is a sure way of actualising this apart from other potential gains to the economy.

Vice President Yemi Osinbajo acknowledged the important role that deepened and vibrant Capital Markets play, especially in developing countriies like Nigeria in terms of infrastructure building, and jobs.

He said actualising full potential of the market particularly in mobilising finance and creating confidence needs critical laws and enforcement of rules and regulations.