Abuja, Nigeria—The Senate Committee on the Capital Market has urged the Minister of Finance, Mr. Wale Edun, to approve a special allocation of N10 billion to enhance literacy and investor confidence in Nigeria’s capital market.
The appeal was made during an[ez-toc] interactive session with the Minister of Finance and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.
Chairman of the Committee, Senator Osita Izunaso, underscored the need for immediate funding, revealing that Nigeria’s capital market currently has only about 5,000 active investors. He stressed that a dedicated literacy fund would revitalize the sector and rebuild public trust.
“If this initiative is implemented, the capital market will thrive, and we will be satisfied. A formal letter requesting this allocation will be sent after this meeting,” Izunaso stated.
He further highlighted investor concerns, noting that many had suffered financial losses in the market and remained hesitant to return. “Rebuilding investor confidence is crucial to the sector’s growth,” he added.
Similarly, Senator Victor Umeh (LP-Anambra) described the capital market as a key indicator of economic health, emphasizing the need for extensive reforms to restore public confidence. He recalled past financial crises that had left investors traumatized, stressing that concrete measures were required to rebuild stability.
Chairman of the Senate Committee on Finance, Senator Sani Musa, echoed these concerns, advocating for the N10 billion allocation to fund literacy and awareness campaigns. “It is essential that we explore avenues within the national budget to finance this initiative,” he stated.
Responding to the request, Finance Minister Wale Edun acknowledged the critical role of a stable economy in fostering investment growth, including in the capital market. He reaffirmed that President Bola Tinubu’s administration remains committed to achieving a $1 trillion economy, with macroeconomic stability as a top priority.
By Enoch Odesola| February 12,2025.
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