The Federal Government has urged capital market operators to rise to the challenges of providing long term capital needed to fund development.
Vice President Yemi Osinbajo, who spoke at the Second Capital Market Stakeholders’ Forum organised by joint Senate and House of Representatives committees on Capital Market and other Financial Institutions in Abuja yesterday, said since capital is extremely important for businesses, it implies that the Nigerian capital market would be very important in enabling businesses to take advantage of the various opportunities that have been created by government to access capital, both long and short.
He said: “Nigeria needs a capital market that would attract investors into various sectors of the economy with the aim of growing and diversifying the economy, creating jobs, improving the quality of life and improving revenue and export sources. In this regard, the Nigerian capital market has a significant role to play in the attainment of these objectives.”
He said financial markets are known to be engines of growth because of the strategic role they play in the flow of funding.
Osinbajo also urged the capital market to “take advantage of the business opportunities that have been created by the government, through various tax incentives, investment in capital and also given the diverse resource base of Nigeria. We must not forget to mention the entrepreneurial capacity of the Nigerian, the demand for capital would certainly increase well beyond the current levels and that implies that the capital market indeed must step up its activities and grow to meet the expectations of the large and sophisticated players who would be requiring the services.”
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