The Minister of Finance, Mrs Zainab Ahmed, has said the Federal Government is seeking to diversify instruments of the stock market through the Economic Recovery and Growth Plan (ERGP).
While speaking at the maiden Awards Night of the Securities and Exchange Commission (SEC), said the Federal Government was committed to building a vibrant capital market that would contribute to the growth and development of the country.
She said the ERGP policy objectives for the financial sector aimed to further diversify instruments of the stock market, review the capitalization of the financial institutions and encourage lending to the real sector of the economy similar to the Capital Market Master Plan.
She noted that the capital market played a central role in the development of the economy through the mobilization of long-term savings for investment, as well as efficient pricing of financial instruments
Ahmed said, “The government is making a lot of efforts to diversify the economy, raise revenue and block leakages; efforts are also being made to ensure the mobilization of resources that will aid investment in small and medium enterprises and provide infrastructure.”
“The main thrust of the Capital Market Master Plan aligns with the vision of the ERGP for the financial services sector. When the ERGP was being prepared, copious references were made to the 10-year master plan.”
She added that the ERGP vision for the financial services sector was to strengthen relevant market institutions and mitigate risk by building a healthy and competitive financial system, which would be better positioned to support the private sector and contribute towards the sustainable development of the economy.
According to her, the strengthening of the capital market is necessary for the government to be able to create jobs, wealth and increase the standard of living of the people.
She said, “The capital market is central to all of these efforts. As the ERGP recognises the power of the capital market to drive its own forms, the Capital Market Master Plan Implementation Council has proven to be an embodiment of recognition.”
The acting Director-General, SEC, Ms Mary Uduk, said the event was put together to appreciate the support and collaboration the commission had received from market operators and various stakeholders in the capital market, which had advanced the collective aspiration to accelerate the growth of the market and contribute to the development of the nation’s economy.
She said the implementation of the 10-year Capital Market Master Plan commenced in earnest under the guidance of the CAMMIC, chaired by Mr Olutola Mobolurin.
Uduk added that the commission had taken up the initiatives outlined in the master plan document in a systematic manner, while also painstakingly engaging with the government, its agencies and other critical stakeholders to achieve the set objectives of the plan.