Nigeria needs capital market for infrastructure financing, says minister
As Nigeria contends with financial challenges in revamping its ailing economy, Minister of Finance, Kemi Adeosun yesterday said the intervention of the capital market was crucial to facilitating infrastructure financing and proper repositioning of the economy.
The Minister spoke in Abuja, when she received the 12- member Committee on the Nigerian Capital Market master Plan [2015-2023], led by its Chairman and Team leader, Tola Mobolorin.
She said there was huge opportunity now to turn around the capital market with a view to developing the social-infrastructural need of the country.
“Many of the financial solutions to the nations problems seek the capital market, we need to leverage it, we need to harness it, we need to grow it,’’ she said.
The Security and Exchange Commission [SEC] had inaugurated the Capital Market Master Plan Implementation Council in November 2015, to provide strategic guidance in the implementation process, as well as carry out advocacy at the highest levels on issues capable of impacting the actualisation of the Master Plan objectives.
According to the minister, if the country wants to have real parameter of her growth, one of the matrix and key parameters must be the depth of the capital market.
She said we need to provide physical incentives to drive our family-owned businesses and there is need to identify them through physical measures.
The minister identified specific policy initiatives around housing, which can only be supported by the strength of the capital market.
She, however, said there is a lot to be done around literacy and awareness, especially at political levels because we need to have some concrete actions to get things done.
Earlier, chairman and leader of the team, said the committee was at the office to discuss the imperatives of the master plan, with a view to getting the ministry’s input, to enable it come up with a national economic development policy.
Mobolurin said, ‘’It is sad that the Nigeria’s macroeconomic outlook presently includes a challenging macroeconomic environment, imminent recession, rising inflation, falling purchasing power and failing levels of reserves.
He said Nigeria ranks less favourably on competitiveness, going by the World Economic Forum [WEF], Standard of living and development indices, which remain relatively poor.
This is despite the present challenges, as the country is richly endowed with all the resources needed to overcome and emerge as a major global economic powerhouse.
Director-General, Securities and Exchange Commission [SEC], Mounir Gwarzo described the meetings as fruitful, adding the committee would continue its consultations to the National Assembly.