FG inaugurates national savings strategy workgroup
In order to lift the Nigerian equity markets, galvanise new start-ups and expand existing projects, the federal government of Nigeria has inaugurated the National Savings Strategy (NSS) Workgroup, while emphasising the need for adequate provision of naira-based risk capital.
Speaking during the inauguration in Abuja, Minister of Finance, Budget and National Planning, Zainab Ahmed stressed the urgent task of diversifying the economy and deepening of the capital market, a statement by Yunusa Tanko Abdullahi, the special adviser to the Finance minister on Media and communication has said.
On the NSS initiative, she said: “The Capital Market Masterplan proposed the NSS as one of the key initiatives to drive capital formation and investment necessary to support entrepreneurs and enterprise development in the urgent task of diversifying the economy and deepening of the Capital Market.”
“To lift the equity markets, galvanise new start-ups and expand existing projects, there should be a deliberate provision of naira-based risk capital. In essence, nurturing, growing and channelling domestic savings to fund the creation of new enterprises will result in rapid economic growth, diversification of the economy accelerated job creation and increased productivity and output of the Nigerian economy,” she also stated.
According to her, efforts are ongoing to review the Masterplan to align the assumptions and projections with current realities as it is a critical step in redefining the road map for stakeholder participation in the Nigerian capital market.
“My expectation when the review is concluded is that we would have a strategic document that provides a clear pathway that would enable Nigeria’s capital market to achieve the goal to be Africa’s largest, deepest and most liquid capital market contributing not only to Nigeria’s socio-economic development but also serve as a global financial hub offering opportunities to other parts of Africa,” she stated further.
Aside from commending Ms Mary Uduk, Ag. Director-General (DG) of the Securities and Exchange Commission (SEC), and her team, Chairman Capital Market Masterplan Implementation Committee (CAMMIC), as well as the members of CAMMIC Chaired by Mr Olutola Mobolurin, Members designate of the National Savings Strategy (NSS) Working Group, other stakeholders in the Nigerian Financial Sector, for their dedication and commitment to the implementation of the Nigerian Capital Market Masterplan so far, the Minister also highlighted the terms of reference of the working group.
“Consequently, the terms of reference of the working group we are inaugurating today include: To study the NSS paper and advice the federal government on the feasibility of the proposals and/or with recommended changes; to advise on ways and means of mobilising and channelling corporate and individual savings to accelerate domestic capital formation to support entrepreneurs and enterprise development in the urgent task of diversifying the economy and the deepening of the capital market
“Also to draft a National Working Paper that outlines a detailed roadmap on the implementation of the National Savings Scheme to be submitted for approval by the Federal Executive Council; and to engage all relevant stakeholders and carry out any relevant activity towards the actualisation of the mandate of the working group.”
She also emphasised that the members of the working group have been carefully selected to ensure a combination of skill, experience and competence necessary to deliver on the task at hand.
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“I am, therefore, very confident in your abilities, individually and collectively, and charge you to go about the discharge of this national assignment with the spirit of patriotism, bringing to bear your professional pedigree and expertise towards achieving the desired results.”
