Stacks of US fifty and one hundred dollar bills in money bag

IN recognition of the role of the Capital Market as very critical to the economy, the Federal Government is to set up a $25 billion fund wholly dedicated to infrastructure investments.
This was stated by the Minister of Finance Mrs. Kemi Adeosun during the inauguration of the Capital Market Master Plan Implementation Council, CAMMIC, National Investor Protection Fund, NIPF, and the launch of the Corporate Governance Scorecard for quoted companies by the Securities and Exchange Commission, SEC, in Lagos.
According to Adeosun, “In the current environment of significant revenue squeeze and other budgetary constraints, these investments will clearly not come from government coffers alone. We believe this is where the capital market can really make itself relevant by stepping in to close the funding gap. Government is already looking to set up a $25 billion fund wholly dedicated to infrastructure investments. A crucial assignment we have for the capital market community is to come up with other innovative ways of mobilizing the capital needed to address Nigeria’s infrastructure challenge”.
The Minister, represented by the Permanent Secretary Ministry of Finance, Dr. Mahmoud Isa-Dutse, said an efficient and vibrant capital markets are an indispensable feature of any modern economy supplying affordable medium-to-long term capital needed for growth as they facilitate mobilization of savings, accelerate capital formation, provide investment avenues and enhance efficient allocation of capital to growth sectors as no country has been able to develop without a thriving capital market.
She expressed worry that currently less than 3% of Nigerians invest in the capital market and even more worrisome, only 0.2% of Nigerians invest in mutual funds.
“With a detailed master plan we get to reap the benefits of strategic thinking, policy consistency, greater coordination, and hopefully better results. As we inaugurate the Council who will lead advocacy for the Capital Market Master Plan, I urge everyone here to see this as the important National assignment it represents,” she said.
She assured that as the Minister in charge of supervising the capital market, She would support the SEC Nigeria to ensure that this project is successful and where necessary is willing to add the weight of her voice to facilitate achievement of key initiatives within the Master Plan.
Speaking earlier, Director General of SEC, Mounir Gwarzo said the SEC’s enabling law, Investments and Securities Act (ISA) 2007, in foresight requires the SEC to set up a national investor compensation scheme. Specifically, Section 13(k) of the Investment and Securities Act 2007, enjoins the Commission to act in the public interest having regard to the protection of investors and the maintenance of fair and orderly markets, and to this end establish a nationwide trust scheme to compensate investors whose losses are not covered under the Investors Protection Funds administered by Securities Exchanges and Capital Trade Points”.

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