The National Assembly Joint Committee on Capital Market on Wednesday advocated the stimulation of the country’s dwindling economy through revitalisation of the capital market.
Chairman, Senate Committee on Capital Market, Sen. Isiaka Adeleke, told newsmen in Abuja that the country’s economy could not fully develop without making the capital market the hub of its development.
Adeleke, who said that the capital market had suffered neglect, described it as a veritable institution for the mobilisation, allocation and utilisation of long term funds for all tiers of government.
“The two chambers of the National Assembly have therefore come to the jolting realisation that the Nigerian economy cannot fully develop without making the capital market the pivot of its developmental strides.
“This market has long been neglected and denied its rightful and strategic role in our march towards economic recovery.
“The capital market is a veritable institution for the mobilization, allocation and utilisation of long term funds, not just by the federal but also for states and local governments,” he said.
He said that a two-day stakeholders’ forum on capital market and Nigerian economy would create an enabling legal environment for the achievement of the recommendations of the capital market master plan 2015 -2025.
The forum is scheduled for Monday and Tuesday in Abuja.
According to Adeleke, the forum will also serve as a platform to discuss issues and challenges that will bring about an optimal use of the capital market and mainstream the Nigerian capital market as a critical component in national economic policy.
“As Legislators, we are ready to retool the laws guiding capital market operations or make new ones that will accelerate the relevance of the capital market in national economic development.
“Therefore, we seek to grow the Nigerian capital market to be in a position to contribute meaningfully to economic growth and development.
“This will make the capital market to spearhead development in key sectors of the national economy such as oil and gas, agriculture, tourism and hospitality,’’ he added.