The National Assembly has reiterated its commitment towards the development of the Nigerian capital market.
Chairman, Senate Committee on Capital Market, Senator Mustapha Bukar, gave the assurance in Lagos during a visit to the Nigerian Stock Exchange (NSE). Also in the entourage was the clerk of the Committee, Hajia Habeebat Mohammed.
Bukar said the Committee would work to create a right environment for investment to thrive noting that he and other members of the committee are ready to work hand in hand with capital market stakeholders.
According to him, the committee would consider revision and amendment of some laws governing capital market activities in order to encourage the growth of the market.
“I want to achieve two or three things during this tenure, one, I want to see how the capital market can grow during this tenure, support infrastructure development in this country and also to see how it can grow the Nigerian economy and let Nigerians see how it can compete like any other market in the world,” Bukar said.
He said the committee has adopted a listening strategy because it needs to know and understand the issues affecting the market and the things the National Assembly can do in terms of legislations in order to create an enabling environment for the market to grow.
“It is important for us to talk to the actors and then we see how we can work together to make the market a better place,” Bukar said.
He said the need to have more Nigerian players in the market cannot be overemphasized noting that having more Nigerians in the market would deepen domestic investors’ base and attract other people to come into the market.
He said that a bill has been passed and its provisions are being examined, after which it will be submitted to the Senate very soon.
“There are so many legislations being discussed and there will be public hearings on them. The next thing is to make sure that it is presented to both the lower and upper chamber so it can be passed into laws by the National Assembly,” Bukar said.
He lamented that after the 2008 capital market problem which affected all the entire world, the Nigerian market has yet to recover fully from the decline it had in 2008, thus underlining the need to re-engage with the populace and the private sector in order to grow investors’ confidence
“That confidence has to be rebuilt, so we need to go and do a lot of roadshows and other explanations to attract the private sector back and address those issues that concern them,”