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FG to set up National Savings Committee to boost investments

FG to set up National Savings Committee to boost investments

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Uche Usim, Abuja

Plans to boost fiscal buffers crystallised on Tuesday as the Minister of Finance, Mrs Zainab Ahmed, said the Federal Government was willing to set up a National Savings Committee that will make recommendations to government on best ways to mobilise savings for economic growth.

Ahmed stated this when she held a meeting with members of the Capital Market Master Plan Implementation Council, (CAMMIC) in Abuja.

According to her, there  is need for Nigerians to imbibe the culture of savings to be able to participate actively in the capital market as a means of growing the economy.

“We need to grow domestic investments that will be there to stay, not just people that are shopping around for where to make profit alone. It is true that the current financial system is still tilted largely toward the banks. There is a need to look at all the players and help solve the problems. We are open to setting up the working group so we can have a review, extract recommendations and get to work. Those that can be done immediately we will try to do them and the long term ones we can then plan to do them as we move along.

She said the government is concerned about the volatility of the capital market and is ready to work with CAMMIC to ensure that the market is stable.

According to her “We know we need foreign investors in our market, but most importantly we need to grow our domestic investors that are here to stay. The foreign investors come in and when anything happens, they quickly take their money and go away but our domestic investors will always be here with us.’

“We are open to setting up the working group so we can have a review, extract recommendations and get to work. Those that can be done immediately we will try to do them and the long term ones we can then plan to do them as we move along.

The post FG to set up National Savings Committee to boost investments appeared first on The Sun Nigeria.

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