Senate to strengthen Nigerian capital market through legislation

Edwin Akwueh, Abuja

President of the Nigerian Senate, Bukola Saraki, has assured Nigerians that  legislators are poised to rejuvenate the nation’s economy by making laws that would strengthen the capital market, and boost investors’ confidence.

Senator Saraki gave the assurance on Monday in Abuja, at the opening of a two-day stakeholders forum, with the theme, “Realizing the Full Potentials of the Nigerian Economy through Proactive Capital Market Legislation”, organised by the National Assembly Joint Committee on the Capital Market.

He also said that the Senate under his leadership would do everything within its power to legislate new laws or amend existing ones that would strengthen the capital market to be able to play its role in rebuilding the economy. 

“I don’t really think we should waste too much time in speaking the obvious and I think some of us that are here in this room it is clear to us that we need to do something fast. 

It is clear to us that we need to find a way in which we continue to address the issue of economic growth, infrastructure deficit, job creation, confidence in the market and one of the reasons I think we can do that is to strengthen our capital market. 

I personally hope that we would have started this before now because I could remember very well here that leaders of the National Assembly as well as the Speaker had met few times with some of the leaders in Capital Market.

They are saying that it is time for us to work together to see what we need to do in deepening the market, creating confidence and getting rid of laws that are already not in sync with today’s market economy. On the part of us in the Senate, we also have this conversation with the Nigeria Economic Forum.”

Also speaking at the event, the Chairman, Senate Committee on Capital Market, Senator Isiaka Adeleke, said that the Senate was aware of the current worrisome economic situation in the country, and would work towards tackling it by boosting the capital market.

He therefore, enjoined stakeholders to brainstorm towards stimulating the capital market in order to rescue and resuscitate the ailing national economy. According to Senator Adeleke, the legislature was ready to amend the laws guiding capital market operations or make new ones that would hasten the relevance of the capital market in national economic development. 

“Capital markets exist to provide financial intermediation that mobilises and utilises long term fund for development. This forum is therefore, and I believe to holistically operate the laws guiding the capital market in Nigeria with the aim of amending, repealing or reenacting such laws so that the capital market will be poised to play the pivotal role of economic rejuvenation. 

This forum will also be a good opportunity to look at the legislative bottlenecks hindering the implementation of the market master plan 2015-2025.”

The event ends on Tuesday.