– Osinbajo, Adeosun for stakeholders forum
The Senate and House of Representatives committee on capital market have invited experts and stakeholders in the finance and capital market sector in the country to brainstorm on the role of the capital market in the economic growth and development of the country.
Expected at the 2018 edition of the forum is Vice President Yemi Osinbajo and the Minister of Finance, Kemi Adeosun, State governors, Securities and Exchange Commission, other regulatory agencies and stakeholders.
Senator Foster Ogola and Rep. Tajudeen Yusuf, chairmen of Senate and House committees on Capital Market at a media briefing heralding the Second biennial Stakeholders Forum on the Capital Market in Abuja, noted that it is apparent that only the capital market can fund long-term projects in the country,
According to Ogola, the successes of the first biennial forum held in 2016 has shown that harnessing the potentials of the capital market will stimulate development in areas the banks are afraid to invest in.
Big and long-term project financing, like industrial, infrastructural and farming projects,etc, can only come from the capital market which now has huge financial inflows from pensions and insurance deposits, the Senator said.
According to him, ” No Nigerian bank can fund long term project. The capital market is now funded by insurance and pension funds. ” The theme of the 2018 addition of the forum is titled,” Capital market as a catalyst for economic growth and development ” he said.
Chairman House committee on capital market, Rep. Tajudeen Yusuf, who also spoke at the event noted that pension and insurance deposits are now being invested in the capital market and have been responsible for tremendous developmental strides made in the country.
Yusuf explained that, Parliament was deploying legislative tools and framework to rejuvenate the capital market and to a large extent develop the economy and infrastructure of the country.
He said the National Assembly is committed to enhancing the Nigeria capital market’s potentials towards enabling it to mobilize multi- billion dollars development funds from across the globe towards a more timely execution of infrastructural projects nationwide.
To replicate what is obtainable in insurance and stock market, the National Assembly would develop the commodity exchange frameworks and make it a viable economic venture, Yusuf said.
Such development, he added, would expand commodity exchange and create commodity brokers, noting that it was better to borrow from the country’s capital market than seeking foreign loans, which invariably is developing the capital market of foreigners.
He said mobilizing global funds was better than relying on government’s limited annual budgets alone.
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