The Federal Government has hinted of plans to review capital market master plan to align it with current realities. It made the disclosure yesterday at the formal inauguration of National Savings Strategy (NSS) Workgroup, pledging commitment to provisioning of naira-based risk capital to deepen the market.
Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed, who inaugurated the committee in Abuja, harped on diversifying the economy and deepening of the capital market. A statement issued by the Special Assistant (Media) to the minister, Tanko Abdullahi, quoted her as saying: “The Capital Market Master plan proposed the NSS as one of the key initiatives to drive capital formation and investment necessary to support entrepreneurs and enterprise development in the urgent task of diversifying the economy and deepening of the Capital Market.
“To lift the equity markets, galvanise new start-ups and expand existing projects, there should be deliberate provision of naira-based risk capital. “In essence, nurturing, growing and channelling domestic savings to fund the creation of new enterprises will result in rapid economic growth, diversification of the economy, accelerated job creation and increased productivity and output of the Nigerian economy.” According to her, efforts are ongoing to review the Master plan to align the assumptions and projections with current realities. She added: “This is indeed a very important step in redefining the road map for stakeholder participation in the Nigerian capital market. “My expectation when the review is concluded is that we would have a strategic document that provides a clear pathway that would enable the Nigeria’s capital market achieve the goal to be Africa’s largest, deepest and most liquid capital market contributing not only to Nigeria’s socio-economic development but also serve as a global financial hub offering opportunities to other parts of Africa,” she stated further