ABUJA, Nigeria – In view of multiferous economic challenges confronting the nation, Nigerian Senate on Wednesday disclosed it would rework capital market laws to generate more revenues for the nation.
In his address at the 2021 budget defence on Wednesday, Chairman of Senate Committee on Capital Market, Senator Ibikunle Amosun, noted that there were challenges militating against Nigeria’s Capital Market that has dwarfed its greatness, a situation he explained, robbed Nigeria of economic fortunes.
According to the former governor of Ogun State, parliamentarians are abreast of what Capital Market needs to rejig the sector, while urging stakeholders to embrace the development in the interest of investors and the nation.
He said: “The Senate is not unaware of some of the challenges facing the growth of the Nigerian Capital Market. It is our desire as the committee saddled with the oversight responsibility to support you with necessary legislation to propel the Nigerian Capital Market into greatness.
“As stakeholders in the capital market, I urge you all to see this interactive session as an avenue for us to brainstorm on ways we can collaborate to meaningfully strengthen the capital market so that it can continue to function as the gateway to economic development of our nation.
“This interactive meeting is very apt, especially coming at a time like this when concerted efforts are required to revive our economy, which has been negatively affected due to the outbreak of Covid-19 and the recent End SARS protest.”
He stressed that economic challenges were not peculiar to Nigeria, but the entire world, particularly those that were occasioned by COVID-19 pandemic, adding that “to revive the economy should be a cooperation of all.
“This is the most crucial moment for our economy, as Nigeria and indeed the whole world continue to grapple with economic hardships – such that has not been witnessed before.
“Consequently, it behooves on us as stakeholders to come together with a view to reviving the economy and strengthening the confidence of the much needed investors in the capital market.”
On commodity and exchange, an agency under Capital Market, Amosu believed that some agencies under Capital Market were innovative enough to survive the challenge posed by COVID-19, saying, the same acumen should be sustained to grow the economy.
“There is equally the need to strengthen our Commodity Exchanges (CX.) and make the market robust and functional.
“At this point, let me quickly mention that during our last oversight visit, the committee was impressed by efforts of some agencies and organizations in the capital market as they demonstrated innovation and drive despite the daunting challenges being faced.
“We know a lot more can be done, so we urge you to do more especially to introduce new products and consolidate on the existing ones, carry out research on other capital markets across the globe to align with global best practices.
“Furthermore, it is our firm belief that we can work towards domestication of our product to encourage local investors.
“The Capital Market needs to re-activate our alternate Market, and bring on board unlisted multinational companies, in order to develop a robust Capital Market”, he noted.