FG to strengthen capital market for wealth creation

The federal government has reaffirmed its commitment to strengthening Nigeria’s capital market as a critical driver of economic growth and wealth creation for citizens.

In a statement made available by the commission to our correspondent on Sunday, Minister of State for Finance, Doris Uzoka-Anite, disclosed this during a meeting with the board of the Securities and Exchange Commission in Abuja over the weekend.

She stated that the ministry had been mandated by President Bola Tinubu to ensure the capital market plays a pivotal role in achieving the administration’s economic goals.

“If we are to achieve the renewed hope mandate of a $1tn economy, it has to be through the capital market,” Uzoka-Anite said. “It has to be private sector-driven, and that private sector drive is the capital market. We are committed to strengthening the market to make it more robust and ensure that investor confidence is restored.”

She emphasised the importance of creating a resilient market that could accommodate primary offers and provide investors with viable exit options, pledging government support to help the SEC realise its full potential in driving the economy and fostering wealth creation for Nigerians.

The Securities and Exchange Commission board chairman, Mairiga Katuka, highlighted the importance of collaboration between the SEC and the Ministry of Finance to foster a vibrant and resilient capital market.

“The capital market is key to achieving the administration’s renewed hope agenda and boosting national economic development,” Katuka said.

He further noted that the SEC was undergoing reforms aimed at making the market globally competitive and enhancing its role in economic diversification and financial inclusion.

Katuka assured the minister of the board’s commitment to supporting the government’s economic agenda, calling for sustained dialogue and collaboration to drive growth and investor confidence in the market.

The PUNCH reported that the Securities and Exchange Commission has announced plans to enhance the regulatory framework for borrowing by governments and corporations, emphasising sustainability and efficiency in the financial system.