FG commends NGX on capital market development

The Federal Government has commended the Nigerian Exchange (NGX) for its efforts aimed at deepening the Nigerian capital market.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in a statement issued by Mr Tijjani Mohammad for Director, Information and Public Relations of the ministry on Wednesday.

Ahmed made the commendation when the management of the NGX, led by its Chief Executive Officer, Mr Timi Popoola, paid her a courtesy visit in her office.

She urged the management to leverage technology and innovations which could ease the processes of trading on the exchange.

Ahmed also called on them to ensure that ordinary citizens participated actively in the capital market.

She said the Federal Government had directed the Securities and Exchange Commission to organise a saving policy and programme that would encourage citizens to participate actively in the capital market as a means of unlocking the potential.

The minister also said the ministry was working on the Finance Bill 2021 and would address hindering investments such as Company Income Tax (CIT), among others.

Also, the Permanent Secretary, Aliyu Ahmed, urged Popoola and his team to scale up the operations of the NGX for the benefits of investors and the market.

Earlier, Popoola said the aim of the visit was to introduce the NGX’s new management to the minister and to also to appreciate the ministry for its support to the Nigerian capital market.

Popoola assured the minister of the exchange’s support in making Nigeria a destination for foreign investment.

He, however, called for a reduction in CIT, from 25 per cent to 20 per cent, among others, stressing that it would ultimately attract more taxes to government.

Popoola also assured of the exchange’s commitment to support the ministry’s fiscal policy and willingness to serve on the committee of the Finance Bill 2021.