FG urges NGX to deepen capital market participation

FG urges NGX to deepen capital market participation

The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed has urged the management of Nigerian Exchange (NGX) Limited to deepen participations in the country’s capital market.

She said this can be done by leveraging technology and innovations to ease the processes of trading on the exchange.

Ahmed made this call during a recent courtesy visit by the management of the NGX, led by its Chief Executive Officer, Mr Temi Popoola, to the minister.

While acknowledging the commitment of NGX’s management, which culminated in the demutualisation of the exchange, she urged the NGX to ensure that ordinary citizens participated actively in the capital market.

Commending the Nigerian Exchange (NGX) Limited for its efforts in ensuring that the Nigerian capital market (NCM) is deepened, she said the Federal Government had directed the Securities and Exchange Commission (SEC) to organise a saving policy and programme that would encourage citizens to participate actively in the capital market as a means of unlocking the potential.

L – R shows Mr. Aliyu Ahmed, Permanent Secretary, Federal Ministry of Finance, Budget and National Planning; Dr. Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning and Mr. Temi Popoola CFA, Chief Executive Officer, Nigerian Exchange (NGX) Limited during the visit.

The Minister also disclosed that the ministry was working on the Finance Bill 2021 and would address hindering investments such as Company Income Tax (CIT), among others.

Speaking further, the Permanent Secretary, Aliyu Ahmed, urged Popoola and his team to scale up the operations of the NGX for the benefits of investors and the market.

Earlier in his speech, Popoola noted that the aim of the visit was to introduce the NGX’s new management to the Minister and also to appreciate the ministry for its support to the Nigerian capital market.

He assured the Minister that the exchange will continue to throw its support in making Nigeria a destination for foreign investment and to support the Ministry’s fiscal policy while expressing willingness to serve on the committee of the Finance Bill 2021