By Chinwendu Obienyi
The Federal Government has described the revised capital market master-plan (RCMMP) as a veritable tool that will accelerate the growth of the nation’s capital market, economic growth and increase both domestic and foreign investor participation.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed stated this during the launch of the revised Capital Market Master Plan which held in Lagos recently. Ahmed while pledging that the FG would to support and strengthen the Securities and Exchange Commission (SEC) to effectively do its job of regulating and developing the capital market, said the market should be characterized by high level of compliance with ethical standards, deep liquidity, sophistication, good corporate governance, and a strong domestic investor base.
Ahmed who was represented by the Director General Debt Management Office, Ms. Patience Oniha, said that Nigeria needs a capital market that broadens access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and distribution, providing capital to small and medium scale enterprises, and catalysing housing finance.
“I consider the revised Capital Market Master Plan a veritable tool which the Capital Market must use as it drives key initiatives towards achieving the country’s economic growth objectives”, Ahmed said.
Speaking further, she said the implementation of the Master Plan is one of the key initiatives in the 40- Deliverable Presidential mandate of the Federal Ministry of Finance, Budget and National Planning and underscores the fact that capital market growth resonates with the current administration’s unwavering commitment to deepening and re-positioning the financial market as a key anchor to achieving a private sector led development of the economy as emphasized in the National Development Plan (NDP) objectives.
“This Administration and especially my office has supported the capital market Master Plan implementation efforts since inception.
The Master Plan, which represents collective aspirations of the capital market community, is focused on driving initiatives geared towards growing and deepening the Market with the ultimate goal of accelerating the emergence of our Country in the top 20 global economies by the year 2025”, she said.
According to her, “I am also aware of ongoing efforts on other initiatives like the Direct Cash Settlement, introduction of Derivatives, Financial Literacy, enhancing market liquidity, incentives for listings, growth of Collective Investment Schemes and leveraging Fintech solutions in the capital market…”