The Federal Government has reaffirmed its commitment to bolstering the Nigerian capital market as a catalyst for economic growth, wealth creation, and national development.
This assurance was given by the Minister of State for Finance, Doris Uzoka-Anite, during a meeting with the board members of the Securities and Exchange Commission in Abuja over the weekend.
Speaking at the event, Uzoka-Anite emphasized the government’s focus on fostering a vibrant capital market that aligns with the administration’s economic aspirations.
She noted that the capital market holds the key to achieving the “Renewed Hope” agenda, particularly the goal of building a $1 trillion economy.
“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,” the Minister stated.
Drawing on her prior experiences interacting with prospective investors, she emphasised the significance of investor confidence in the capital market.
“The capital market piqued the curiosity of several investors we had previously met in my prior position. In order to depart when primary offers arrive, they want the market to be robust enough to accept them. We are here to say that the market is open to accommodate them,” Uzoka-Anite said.
The Minister assured the SEC Board of the government’s dedication to strengthening the market, making it more robust, and creating a conducive environment for investment.
“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 added.
In his remarks, the Chairman of the SEC Board, Mairiga Katuka, underscored the critical role of the capital market in driving Nigeria’s economic transformation.
He emphasized the need for close cooperation between the SEC and the Ministry of Finance to foster a resilient and vibrant 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,” Katuka said.
He highlighted the dual mandate of the SEC to regulate and develop the capital market while attracting investments to support Nigeria’s developmental goals.
“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 stated.
Katuka also revealed that the SEC is undergoing reforms to position the Commission as a world-class regulatory body capable of meeting global standards.
He called on the Minister’s support to drive these reforms successfully, saying, “The Board will be counting on the support of the Minister in driving the reforms in order to achieve the targeted outcomes.”
The SEC Chairman reiterated the Commission’s commitment to supporting the Federal Government’s economic diversification and financial inclusion agenda.
In order to promote growth and investor trust in the Nigerian capital market and the economy at large, he continued, “As a Board, we shall look forward to engaging in sustained dialogue and partnership.”
With the goal of building a robust capital market that can support Nigeria’s economic aspirations, the conference concluded with a unanimous decision to improve cooperation between the SEC and the Ministry of
Finance.
