President Bola Ahmed Tinubu has tasked the Federal Ministry of Finance with spearheading efforts to create a robust capital market that drives economic growth and supports national development.
This directive was disclosed by the Minister of State for Finance, Dr. Doris Uzoka-Anite, during a weekend meeting with the board of the Securities and Exchange Commission (SEC) in Abuja.
Dr. Uzoka-Anite noted that the Tinubu administration is committed to leveraging the capital market as a key driver in achieving its economic agenda, including the ambition of growing Nigeria into a $1 trillion economy.
“If we are to achieve the Renewed Hope mandate of a $1 trillion economy, it has to be through the capital market. It has to be private-sector-driven, and this private-sector drive is the capital market,” Uzoka-Anite said.
She stressed the government’s resolve to strengthen the capital market to attract investors, enhance resilience, and restore investor confidence.
“We are committed to strengthening the capital market to make it more robust and to ensure that investor confidence returns. That is one area where you need a lot of support, and I believe we can achieve it because it is fundamental,” she added.
The Minister also assured the SEC board of the Federal Government’s unwavering support in enabling the Commission to fully realise its potential to drive economic transformation and wealth creation for Nigerians.
In his remarks, the Chairman of the SEC board, Mairiga Katuka, described the meeting as a platform to strengthen ties with the Ministry of Finance in the interest of fostering a resilient and vibrant capital market.
He reiterated the importance of the capital market to the administration’s Renewed Hope Agenda, stressing that collaboration with the Ministry is vital for creating a policy environment conducive to sustainable growth.
“The capital market is key to achieving the current administration’s Renewed Hope Agenda and harnessing its potential to boost national economic development,” Katuka said.
He noted that the SEC is undergoing reforms aimed at elevating its status to world-class standards while urging the Ministry to support these efforts to achieve targeted outcomes.
“Please be assured of the commitment of the Board of the Commission to support the Federal Government’s economic diversification and financial inclusion agenda,” he stated.
Katuka also emphasised the SEC’s dual role of regulating and developing the market, which he described as crucial for attracting investments, creating wealth, and supporting national development objectives.
He expressed confidence that sustained dialogue and collaboration between the SEC and the Ministry would promote growth and investor confidence in the Nigerian capital market.
The meeting underscored the Federal Government’s vision for a resilient capital market as a catalyst for economic transformation, with stakeholders pledging collective efforts to achieve this goal.