Senate President, Dr Bukola Saraki, has called on relevant stakeholders to come up with ways to revive the capital market in the country.
Saraki made the call at the opening of a two-day Stakeholders’ Forum on Capital Market on Monday in Abuja.
The forum, organised by the National Assembly Joint Committee on Capital Market and its Institutions, is intended to evolve ways to realise potential of the Nigerian economy through proactive capital market legislation.
He said that trading activities at the capital market had been on the decline, adding that the development had adversely affected economic growth in view of the role the market played in the country’s development.
He urged experts to do something fast to reverse the trend, saying that it had lingered for too long.
According to Saraki, it is time for the capital market to be strengthened to address the issue of economic growth, infrastructure deficit, job creation and confidence in the market.
He urged participants to engage in discussions that would culminate in a draft bill to be presented to the National Assembly for consideration and passage.
“If you look at the 2016 budget, it is just a drop in the ocean in trying to invest. Investment must be driven by private sector.
“I believe that with the calibre of people here today, there are many more issues that we can address.
“Half of your work has already been done because we are leaving with a commitment to ensure that bills that would boost the economy, particularly the capital market are given accelerated hearing.
“I can assure you that this 8th National Assembly understands the issues that Nigeria is going through, and that is why you see us here.
“To me, it is not time for talk. We have been talking for decades; the exclusive power lies in the National Assembly and the work lies with you, the stakeholders.
“So, let us get down to work and let us get this done,’’ he said.
On his part, the Speaker, House of Representatives, Mr Yakubu Dogara, said that only proactive engagement and collaboration among the legislature, the executive and organised private sector would help to achieve economic potential of the capital market.
He assured that national assembly would amend, repeal or enact laws where necessary, to change the narrative.
“The National Assembly has exclusive legislative authority on capital market issues that will enable it enact the Securities and Exchange Commission Act and other enabling legislations.
“The legislature will therefore rely on this ample opportunity given by the Constitution to enact new laws,’’ Dogara said.
He expressed concern that, while Nigeria was blessed with what it took to be economically vibrant, many factors were militating against the realisation of its potential.
“We need to reflect hard on these questions – why are we not getting it right? What have other countries done that we should emulate, and how can we break away from economic backwardness?
“What do we need to do to reposition our capital market and the economy? How do we stimulate entrepreneurship and create conditions for democratization of capital and shares?
“How do we encourage participation in small investors in large-scale projects, thereby engendering equitable distribution of funds? How do we raise funds to address national infrastructural deficit?
“How do we direct resources towards productive sectors to accelerate growth and create jobs for our teeming school leavers who roam the street daily in search of on existing jobs,’’ he stated.
Dogara urged experts to explore ways to invent wealth in order to deepen the capital market to deliver on its potential.
