The Federal Government of Nigeria has reassured investors of its commitment to bring back investor confidence to the capital market to boost wealth creation for Nigerians, as well as bolster national development.
Doris Uzoka-Anite, minister of state for Finance, said this when she met with members of the board of the Securities and Exchange Commission (SEC) in Abuja, over the weekend.
The minister said that President Bola Tinubu has given his backing to ensure a vibrant capital market that drives economic growth and contributes to national development.
“If we are to achieve the renewed hope mandate of a $1 trillion economy, it has to be through the capital market. It has to be private sector driven and that private sector drive is the capital market,” Uzoka-Anite said.
Uzoka-Anite noted that several investors indicated interest in the past, assuring them that the market is open and they would get the support needed.
“They want the market to be resilient enough to accommodate primary offers for them to exit when they come in. We are here to say that the market is open to accommodate them and we are committed to strengthening the capital market to make it more robust and ensure that investor confidence returns to the market. That is one area you need a lot of support and I think we can do that as it is fundamental for you,” she said.
The minister assured the SEC Board of the Federal Government’s support to ensure that the capital market through the commission, realises its full potential, drives the economy and creates wealth for Nigerians.
In his remarks, Mairiga Katuka, chairman of the board of the SEC, disclosed that the purpose of the meeting was to familiarise with the minister and to solicit for close cooperation aimed at fostering a strong relationship between the SEC and the Ministry of Finance, therefore promoting a resilient and vibrant capital market.
Katuka stressed the need for deepened collaboration between the SEC and its supervising authority, adding that this is necessary to ensure the entrenchment of a policy environment conducive to sustainable growth in the capital market.
“The capital market is key in achieving the current administration’s Renewed Hope Agenda and harnessing available potentials in the market to boost national economic development,” he said.
“As the apex regulator of the Nigerian capital market, the SEC is saddled with the dual responsibility of regulating and developing the market with a view to attracting investments for wealth creation and supporting Nigeria’s developmental objectives.”
He said that the Commission is currently going through reforms, which are necessary to make it attain world-class status and maintain its pride of place amongst its peers, adding that the Board will be counting on the support of the Minster in driving the reforms in order to achieve the targeted outcomes.
“Please be assured of the commitment of the Board of the Commission to support the Federal Government’s economic diversification and financial inclusion agenda.
“As a Board, we shall look forward to engaging in sustained dialogue and partnership to drive growth and investor confidence in the Nigerian capital market and the economy generally. I thank you for receiving the Board of the Commission and solicit for your continued support of the SEC and its initiatives,” he added.
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