By Abbanobi -Eku Onyekachi, Abuja
In a bid to boost investor confidence and promote economic growth, the Senate Committee on Capital Market has requested the Minister of Finance, Mr. Wale Edun, to approve N10 billion special funding for literacy development in the capital market.
Chairman of the Committee, Sen. Osita Izunaso, made the appeal during an interactive session with Edun and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama. Izunaso lamented that only 5,000 investors are currently participating in the capital market, emphasizing the need for increased literacy and awareness.
“We are asking for an intervention for capital allocation, a special funding to finance literacy development in the capital market because that is where the problem is,” Izunaso said. “So, if you do that, we will be happy and the capital market will blossom.”
Sen. Victor Umeh (LP-Anambra Central) echoed Izunaso’s sentiments, stating that the capital market is a critical indicator of a nation’s economic health. Umeh emphasized the need to restore public confidence in the Nigerian Stock Exchange, citing past experiences where investors lost significant funds.
The Chairman of the Senate Committee on Finance, Sen. Sani Musa, expressed support for the request, stating that “we need to see how we can take money out from the budget for the campaign.”
In response, Minister of Finance Wale Edun highlighted President Bola Tinubu’s goal of achieving a $1 trillion economy, emphasizing the importance of economic stability and vibrancy. Edun noted that the government has made significant progress in creating a stable macroeconomic environment, which will improve investment opportunities, including in the capital market.
The request for funding comes as the Nigerian government seeks to stimulate economic growth and development. The capital market plays a critical role in this regard, and efforts to increase literacy and participation are seen as essential to unlocking its full potential.
