The Senate on Monday said it was determined to pass a bill for a law that would strengthen the capital market to support diversification of the country’s economy.
Sen. Foster Agola, Deputy Chairman, Senate Committee on Capital Market and Institutions, stated this in an interview on the sideline of a two-day stakeholders’ forum on capital market in Abuja.
The forum was organised by the Senate and House of Representatives Joint Committee on Capital Market and Institutions and had “Realising the full potential of the Nigeria Economy through Proactive Capital Market Legislation’’ as theme.
Agola said that one of the objectives of the forum was to brainstorm with all relevant stakeholders on how to develop the market and put more funds into it to diversify the economy.
“This is to ensure that we develop the capital market, put more funds into it to diversify the economy instead of depending only on the oil sector.
“We are going to make proactive laws that are new and needed, and we shall review existing laws that need upgrade.
“All these stakeholders here will look into all that.
“Then, we shall make a law to ensure that long term funds will be available for the capital market so investors can borrow instead of borrowing overdraft that will elapse after 90 days or one year,’’ he said.
The lawmaker said that funds would be made available in the market for Nigerians to borrow to set up companies, adding that exiting companies could also borrow money to do business.
He added that when the process was completed, it would benefit the ordinary shareholders, “not just the big players in the market’’.