The Senate and the House of Representatives Committees on Capital Markets and Institutions, on Wednesday initiated steps towards legislations that would boost Nigeria Capital Market.
They said the capital market master plan (2015-2025) recommendations would create an enabling legal environment for the achievement of the economy, adding that the joint committees would also focus their legislative work in making the recommendations of the master plan the catalyst for achieving the infrastructural and development needs of a diversified national economy.
Speaking at the forthcoming two-day stakeholders forum on capital market and Nigeria economy, scheduled to hold on 6th and 7th, June, 2016 with the theme “Realising The Full Potentials of the Nigerian Economy through Proactive Capital Market Legislation”, Chairman, Senate Committee on Capital Market, Senator Isiaka Adeleke, said that “the market has long been neglected and denied its rightful and strategic role in our march towards economic recovery.”
He stressed that capital market was a veritable institution for the mobilization, allocation and utilization of long term funds, not just by the Federal but also for States and Local Governments.
Adeleke said: “As Legislators, we are ready to retool the laws guiding capital market operations or make new ones that would accelerate the relevance of the capital market in national economic development.
“Therefore, we seek to grow the Nigerian capital market to be in a position to contribute meaningfully to economic growth and development.
“This will make the capital market spearhead development in key sectors of the national economy, such as oil and gas, agriculture, tourism and hospitality”.
He continued: “The National Assembly is keenly aware of the dwindling fortunes of the Capital Market and by extension the economy.
“As a mono-product economy, with oil and gas constituting the life-blood, the global downturn has continued to negatively affect meaningful growth and development.
“As a Parliament, we strongly believe that the downward slide in Nigeria’s economy provides the best opportunity for major stakeholders to begin to return the economy to vibrancy,” he said
According to him, the joint committees would encourage Nigerian entrepreneurs to have access to long term funds for productive activities as well as enhance their capacity to create employment opportunities.
Special Guest of Honour at the forthcoming event is the Vice President, Prof Yemi Osinbajo (GCON), while he will be joined by the Ministers of Finance, Budget and Planning, Works, Power and Housing, and Justice as panel discussants.
President Dangote Group, Dr. Aliko Dangote, GCON, and President National Council, the Nigerian Stock Exchange (NSW), Mr. Aigboje Aig-Imukhuede, CON, will be the Chairman and Co-Chairman of the Occasion, respectively. About 24 State Governors, captains in the Private Sector and Heads of Government Agencies among others are billed to attend.