The Federal Government has commended the Nigerian Exchange (NGX) Limited for its efforts in ensuring that the Nigerian capital market (NCM) is deepened.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, made the commendation during a courtesy visit of the management of the NGX, led by its Chief Executive Officer, Temi Popoola, CFA.

Read Also: NGX Group to launch ‘The Stock Africa Is Made Of’ campaign

While acknowledging the commitment of NGX’s management, which culminated in the demutualisation of the exchange, Ahmed urged the management to leverage technology and innovations which could ease the processes of trading on the exchange and urged the NGX to ensure that ordinary citizens participated actively in the capital market.

She said the Federal Government had directed the Securities and Exchange Commission (SEC) to organise a saving policy and programme that would encourage citizens to participate actively in the capital market as a means of unlocking the potential.

Read Also: NGX Group launches new brand identity, website

Related News

The Minister also disclosed that the ministry was working on the Finance Bill 2021 and would address hindering investments such as Company Income Tax (CIT), among others.

Speaking further, the Permanent Secretary, Aliyu Ahmed, urged Popoola and his team to scale up the operations of the NGX for the benefits of investors and the market.

Earlier in his speech, Popoola noted that the aim of the visit was to introduce the NGX’s new management to the Minister and also to appreciate the ministry for its support to the Nigerian capital market.

He assured the Minister that the exchange will continue to throw its support in making Nigeria a destination for foreign investment and to support the Ministry’s fiscal policy while expressing willingness to serve on the committee of the Finance Bill 2021.

He, however, called for a reduction in CIT, from 25 per cent to 20 per cent, among others, stressing that it would ultimately attract more taxes to government

More from our Markets Column
Read Next
SEC warns Nigerians against investing in Ponzi schemes

Nigeria’s SEC says non-interest capital market has great potentials

By Iheanyi Nwachukwu • June 27, 2021

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp