The Federal Government is planning to review the Nigerian capital market’s master plan to evolve strategies for the improvement of the market in key areas.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, at the inauguration of the National Savings Strategy workgroup in Abuja, said the master plan proposed by the NSS was one of the key initiatives to drive capital formation.
It said the plan would also drive investment necessary to support entrepreneurs and enterprise development in the urgent task of diversifying the economy and deepening of the market.
Zainab said the move was a very important step in redefining the roadmap for stakeholder participation in the Nigerian capital market.
She explained that the 10-year Capital Master Plan would evolve strategies for the improvement of the market in key areas, including investor protection and education, professionalism, and product innovation.
The minister said the plan would serve for the expansion of the capital market’s role in the nation’s economy.
She was quoted in a statement issued by the ministry as saying, “My expectation, when the review is concluded is that we would have a strategic document that provides a clear pathway that would enable the Nigerian capital market to achieve the goal to be Africa’s largest, deepest and most liquid capital market.
“It will be contributing not only to Nigeria’s socio-economic development but also serve as a global financial hub offering opportunities to other parts of Africa.”
The minister further noted that to lift the equities market, galvanise new start-ups, and expand existing projects, there should be a deliberate provision of naira-based risk capital.