FG Tasks Capital Market Operators On Retail Investments

The Federal Government on Thursday advised capital market operators to consider retail investments, to enable ordinary citizens in the country to invest in the market.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made the call at the 5th Budget Seminar webinar in Abuja.

The seminar was orga-nised by the Securities and Exchange Commission (SEC).

Ahmed said that retail investment would make citizens invest in the market in an easy and simple way.

She described the theme of the seminar:‘Financing Nigeria’s Budget and Infrastructure Deficits through the Capital Market’ as apt, given the urgent need to build infrastructure in the country.

The minister remarked that the capital market served as an important channel through which government budget and economic infrastructure deficits could be financed.

“Past experiences have shown that the capital market has been supportive in providing the necessary funds to finance governments’ projects.

“The budget is N13.95 trn, capital expenditure of N4.37trn amounting to 32.2 per cent of the total expenditure and overall deficit of N5.6 trn to be financed by almost equally domestic and foreign sources.

Furthermore, she said, “Government is committed to introducing more of these instruments in partnership with the capital market, to finance projects for economic growth.

“Following from today’s discussions, it is important that we go forward putting together key lessons and recommendations.

“The recommendations which we can apply not only as input into the next budget but also the Nigeria Medium Term Development Plan, Nigeria Agenda 2050 and the Finance Bill for 2022.”

The Director-General of SEC, Mr Lamido Yuguda, said that capital market had the capacity to roll out innovative products to support the country’s infrastructure needs and financing.

“This is necessary for us to be able to effectively compete with the rest of the world.