Capital Market: Senate tasks stakeholders on economic recovery

To strengthen the confidence of investors in the capital market, the Senate on Wednesday tasked stakeholders on the need to revive the Nigerian economy.

Chairman, Senate Committee on Capital Market, Sen. Ibikunle Amosun, gave the task during an interactive session with agencies in the sector.

He said that as stakeholders, they must come together with a view to reviving the economy and strengthening the confidence of the much needed investors in the capital market.

“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.

“This is 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 EndSARS protest.

“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.”

He noted that the Senate was not unaware of some of the challenges facing the Nigerian Capital Market.

Amosun, however, said that it was the desire of the committee to support the agencies with necessary legislation to propel the market into greatness.

“Please be assured that we will expedite action on the passage of relevant laws, amend and enact new laws where necessary.

“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.

“These informal sectors as we are all aware, is a driving force that will dominate our nation’s economy,” he said.

Director-General Security and Exchange Commission (SEC) Lamido Yuguda said that the market had not fully recovered from the market crash in the sector.

“The market performance has been volatile since two years but however, it is slowly recovering after the COVID-19 pandemic.”

Yuguda, who lamented that SEC was not getting funding from the Federal Government but relied on transaction charges, called for support from the Senate.