Chairman, Senate Committee on Capital Market, Senator Isiaka Adeleke has disclosed that plans are on by the Federal Government to inject N6.5 billion into the Capital Market.
He made this disclosure on Wednesday, at a joint press briefing of the Senate and House of Representatives Committees on Capital Market.
While speaking at a stakeholder’s forum, titled: “realizing the full potentials of the Nigerian economy through proactive capital market legislation,” Senator Adeleke said that the era of change in the country calls for a major shift in approaches to seeking solutions to political, social, and economic challenges facing the nation.
The Lawmaker hinted that the National Assembly planned to enact legislation that would compel idle funds in bodies like Pension Funds for the stimulation of the Capital Market to play expected role in the growth of the country’s economy.
Adeleke said, “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 of Nigeria’s economy provides the best opportunity for major stakeholders to begin to return the economy to vibrancy. We are confident that the Capital Market can and should perform this role.”
This statement from Senator Isiaka Adeleke as made my day great! All Nigerians irrespective of their political affiliations should give full support for this plan as announced by the Senator. The general outlook of the economy is not sound enough to braze the unfavourable world economy. Nigeria is no exception but corruption has played deplorable role in the case of Nigeria. The injection of over six billion into the capital market will go along way to enhance the position of the Nigerian Stock Exchange. There are viable institutional investors in the country but are incapacitated by the law to participate actively on the market. My prayer and supplication are that both legislative assemblies should give full support for its passage. Let the Federal Government fulfill it obligation by encouraging foreign investors to the Nigeria Capital Market. The result of active participation of institutional investors will, no doubt, encourage heavy foreign participation with the Nigerian Stock Exchange. All things being equal, the Nigerian Stock Exchange should lead African Stock Exchange and free Africa from dependence on Europe and America for the growth of wealth of the continent